What Is the Second Payment Services Directive?

22 Mar 2022 By PAYCEC

The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, which replaced the Payment Services Directive (PSD), Directive 2007/64/EC) is an EU Directive that regulates payment systems and payment service providers throughout the European Union (EU) and European Economic Area (EEA).

The PSD's goal was to encourage pan-European competition and non-bank participation in the payments industry, as well as to ensure equality by standardizing protection for consumers and payment providers' and users' rights and obligations. The PSD2 directive's main goals are to create a more integrated European payments market, improve payment security, and consumer protection.

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