On 8 October 2015, the European Parliament adopted the revised Directive on Payment Services (PSD2). On 16 November 2015, the Council of the EU published a press release announcing that it has adopted PSD2. The press release suggests that the Council has adopted the text of PSD2 that it published in October 2015. The text should shortly be published in the Official Journal of the EU. From that date, Member States will have two years to introduce the necessary changes in their national laws in order to comply with the new rules.
What this means for you
In the spotlight section of Payment Matters 18, we provided a summary of PSD2. We have now finally arrived at a final form of text. From here, payment service providers should:
- make sure that they feed in to the various consultations which will take place on the subject matter from both the EBA and home state regulators
- begin to analyse potential impact on terms and conditions and operational processes and systems
