The Payment Services Directive 2 (PSD2) can have a significant impact on customers, banks, and payment service providers (PSPs).
What is PSD II?
PSD2 is a European regulation for electronic payment services. It seeks to make payments more secure in Europe, boost innovation and help banking services adapt to new technologies. PSD2 is evidence of the increasing importance Application Program Interfaces (APIs) are acquiring in different financial sectors.
Is PSD2 a law?
PSD2 is a major piece of legislation for the UK and it is important that it is considered alongside all the other regulatory and strategic initiatives in play.
What is EU Payment Services Directive?
The revised Payment Services Directive (EU 2015/2366 PSD2) aims to reduce fraud while opening up payment markets to new entrants. … The deadline for compliance with Strong Customer Authentication (SCA) as set out in EU law is 14 September 2019.
When was PSD2 introduced?
On 12 January 2016, the revised Payment Services Directive (EU) 2015/2366 entered into force in the European Union, and will apply from 13 January 2018.
What is Aisp and PISP?
AISP – Stands for Account Information Service Provider. PISP – Stands for Payment Initiation Service Provider. What can AISP’s do? Being an authorised AISP means that business can ask for permission to connect to a bank account and use that bank account information to provide a service.
What is PSD in UK?
Under the Payment Services Directive 2 (PSD2), a PSD Agent UK is a legal or natural person acting on behalf of a UK Payment Institution (PI) or Electronic Money Institution UK (an entity with EMI license UK), Small Payment Institution UK (Small PI), Small Electronic Money Institution (Small EMI) or Registered Account …
What is PSD in finance?
The Payment Services Directive is an EU Directive administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA).
What is a PSD individual?
Application Form for an individual responsible for the. management of a Payment Institution. Notes to help complete the PSD Individual Form for an individual responsible for the management of a small Payment Institution (SPI) or authorised Payment Institution (API).
What SEPA means?
Single euro payments area (SEPA) SEPA establishes a single set of tools and standards that make cross-border payments in euro as easy as national payments.
What is a payment service user?
(in accordance with regulation 2(1) of the Payment Services Regulations) a person when making use of a payment service in the capacity of payer, payee, or both.
What is online payment service providers?
What are Payment Service Providers (PSPs)? PSPs (also called Merchant Service Providers) are third-party companies that help business owners accept a wide range of online payment methods, like online banking, credit cards, debit cards, e-wallets, cash cards, and more.
WHO issued PSD2?
Revised Directive on Payment Services (PSD2)
On 16 November 2015, the Council of the European Union passed PSD2. Member states then had two years to incorporate the directive into their national laws and regulations.
What is SCA 3DS?
Strong Customer Authentication (SCA) aims to make online payments more secure for users and reduce fraud. … 3DS transactions offer a similar level of protection for users and are compliant with SCA requirements, but 3DS2 reduces friction for users and leads to a smoother paying user experience.