PSD2: The Second Payment Services Directive

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.


Payments Regulatory Timeline: Some of the key dates and deadlines relating to PSD2 and other legislation in the payments industry.

Member State Transposition: A summary of processes and progress towards PSD2 implementation among EU states.

The ramifications for existing market players: A detailed guide to help you identify the key changes and start planning for implementation.


You can find out more about our expertise in the broader payments industry on our payments service page.


PSD2 authorisation and registration: Belgian Government approves a draft law on the status of payment and e-money institutions

On 27 October 2017, the Belgian government approved a draft law on the status and control of payment institutions and electronic money institutions, and on the access to the provision...

Written on 10 Nov 2017


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PSD2 authorisation and registration – clarity at the EU and UK level?

Hot on the heels of the EBA publishing its final report setting out guidelines on the information to be provided by applicants intending to obtain authorisation as a payment institution...

Written on 13 Jul 2017


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[Infographic] PSD2: How will it affect existing payment service providers

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...

Written on 26 Apr 2017


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PSD2: FCA consults on approach to monitoring and enforcing Payment Services Regulations 2017

On 13 April 2017, the FCA published its consultation paper on the implementation of PSD2. The paper proposes a revised Approach Document which will set out the FCA’s approach to...

Written on 18 Apr 2017


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Payments Services: Regulatory Timeline

The next couple of years will see a range of legislative and regulatory developments affecting those in the payment services industry. Our timeline sets out some of the key dates...

Written on 10 Feb 2017


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Payments Law Update: Winter 2017

On 2 February 2017, we welcomed the publication of HM Treasury’s consultation paper on implementing PSD2 and the draft regulations. The paper confirms that the government’s default approach for implementing...

Written on 9 Feb 2017


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