These are busy times in the payments sector, but ones which offer great opportunities for businesses to develop new products, to reach new markets and to reduce friction and costs in their payments chain.
The biggest changes will come from the implementation of The Second Payment Services Directive (PSD2). This EU directive will come into force in January 2018 and businesses will see changes to their agreements with banks and other payment providers towards the end of 2017 in order to ensure compliance. However, PSD2 will have a far greater impact for certain types of business, with significant changes to who is regulated and how payment services must be delivered.
These changes mean that large numbers of transactions that are currently not affected by payments legislation will become subject to the rules in PSD2 on how payments business is conducted. Some businesses with overseas operations may find that their banks substantially change the terms and conditions applying to their accounts as a result.
On this page you will find insights that explore PSD2 and how it will affect businesses, as well as more general updates on issues impacting the payment industry. If you would like to find out more or discuss what PSD2 or any other issue will mean for your business, please contact one of the experts listed below or your usual Osborne Clarke contact.
The Belgian law transposing the prudential requirements of Directive 2015/2366 on payment services in the internal market (PSD2) (the Title II and the provisions regarding access to accounts and security...
The revised EU Payment Services Directive 2015/2366 (PSD2) will come into effect on 13 January 2018 and have significant repercussions for existing payment service providers. Our infographic below and the...
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