International Comparative Guides | 30 January 2018

Directive 2015/2366/EC, known as the recast Payment Services Directive (PSD2), entered into force on 12.01.2016 and requires Member States to ensure compliance with its provisions by 13.01.2018. According to its Preamble, the PSD2 seeks to achieve alignment with the developments in the market and the emergence of new technologies and types of payment services, to ensure consumer protection against security risks and to establish transparency in the sector. Apart from that, the amendments brought by the PSD2 were needed to modernize the previously applicable PSD (Directive 2007/64/EC) towards the integration of the internal market for safe electronic payments. [Continue Reading]