Directiva de Servicios de Pago II

PAYMENT SERVICES DIRECTIVE II

PSD1: 2007

This legislation provides the legal foundation for an EU single market for payments, to establish safer and more innovative payment services across the EU. It offered more competition between payment services and more choice for consumers. Approved by the EU in 2015 and European countries now have 2 years to put them into national laws.

Secure e-payments and expand the financial services ecosystem, covers most of the payment service providers, demands strong authentication, opens bank data to 3^rd parties, opens the value chain for new players: various roles can be ASPSP, PISP...

PSP requirements: Strong customer authentication: username, something you have, something you are.

Responsible for finding evidence against fraud and securing the confidentiality of users' security credentials.

Its main objectives are to:

• Contribute to a more integrated and efficient European payments market
• Improve the level playing field for payment service providers (including new players)
• Make payments safer and more secure
• Protect consumers
• Covers new services and players
• Enhances cooperation and information exchange between authorities in the context of authorization and supervision of payment institutions.

Key Benefits:

• Economic benefits: stimulate competition in the electronic payments market (consumers can benefit from more and better choices)
• Consumer's rights: payers have the right to an unconditional refund from their payment service provider.
• Payment Security: High level, all of them have to prove their security measures in place. Payment service providers carry out an assessment of the operational/security risks at stake and the measures on a yearly basis.