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 came into force in January 2018 and businesses have been seeing changes to their agreements with banks and other payment providers in order to ensure compliance. PSD2 is having 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 were not previously affected by payments legislation have become subject to the rules in PSD2 on how payments business is conducted.
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 ramifications for existing market players: a detailed guide to help you identify the key changes and prepare for implementation.|
You can find out more about our expertise in the broader payments industry on our payments service page.