The PSD2 is the new banking law and regulates payment transactions in the European Union. Privacy First focuses on privacy risks arising from account information services and the processing of personal data. This is a small part of the possibilities of the law. For a good understanding of the PSD2, the European Commission has adopted the objectives of the PSD2 listed. The topics we're worried about are in thick print.
The 'Directive (EU) 2015/2366 on EU-wide payment servicesThe Revised Payment Services Directive (PSD2) is the sequel to the PSD1 and regulates payments in the European Union. Among other things, the PSD1 provided the IBAN account numbers. The PSD2 regulates more than just the account information services that the PSD2-me-not register focuses on.
WHAT IS THE PURPOSE OF THIS DIRECTIVE?
- This Directive lays the foundations for the further development of a better Internal Market for electronic payments within the EU.
- This Directive lays down comprehensive rules for payment services, with the aim of ensuring that international payments (within the EU) can be made as easily, efficiently and securely as payments within a single country.
- It aims to open payment markets to new entrants, leading to more competition, greater choice and better prices for consumers.
- It also provides the necessary legal platform for the Single Euro Payments Area (SEPA)).
KEY POINTS
- The purpose of this Directive is to amend the existing Improve EU rules for electronic payments. Account will be held with new and innovative payment services, such as internet and mobile payments.
- This Directive lays down rules with
in relation to:
- strict security regulations for electronic payments and the protection of financial data of consumers, ensuring secure authentication and risk on fraud;
- the transparency of conditions and information requirements for payment services;
- the rights and obligations of users and Payment Service Providers.
- This Directive shall be supplemented by Regulation (EU) 2015/751 whereby interchange fees charged between banks for payment card transactions will be restricted. This is expected to should reduce costs for merchants when issuing debit cards and accept consumer credit cards.
Towards a more integrated payments market in the EU
In this guideline a clear and comprehensive set laid down rules that will apply to existing and new providers of innovative payment services. These rules are designed to ensure that these players can compete on a level playing field, which should lead to greater efficiency, choice and transparency of payment services, and thereby at the same time increasing consumer confidence in a harmonised payments market.
Opening the EU market to new services and providers
This Directive is also intended to improve the EU payments market. open to businesses offering payment services aimed at consumers or businesses on the basis of access to information on the payment account, in particular:
- account information services that allow payment service users to obtain an overview of their financial situation at any time so that they can better manage their personal finances;
- payment initiation services that allow consumers to pay for their online purchases by simple credit transfers, while giving merchants the certainty that payment has been initiated so that the goods can be released or the services provided without delay.
Consumer rights
- Consumer rights have been extended to include
- less liability for unauthorised payments from EUR 150 to EUR 50;
- unconditional right of reimbursement for direct debits in euro;
- ban on surcharges for the use of credit and debit cards for consumers.
- The European commission will publish in early 2018 a 'user-friendly' electronic leaflet listing consumers' rights under the Directive and related EU legislation.
Authorisation of payment institutions
This Directive lays down the conditions for granting of authorisation of payment institutions not materially changed, but payment institutions offering account information services should have a have professional insurance against professional risks in order to obtain a licence can get. The Directive also contains rules on the monitoring of authorised payment institutions, and measures in the event that they fail to comply with the rules do not comply.
Role of the European Banking Authority (EBA)
The role of the EBA has been expanded to include the following:
- creation of a publicly accessible central register of authorised payment institutions. That register should kept up to date by national authorities;
- assist in settling disputes between national governments
- development of regulatory technical standards for secure client authentication and secure communication channels that all payment service providers must comply;
- development of cooperation and exchange of information between supervisory authorities.