Payments services update (Bird & Bird)

The so-called “PSD2” is the revision of an existing directive from 2007, called the “Payment Services Directive” or “PSD” or “PSD1”. Since it is a directive, it will need to be transposed/ implemented within the law of the EEA Member States (as opposed to an EU Regulation that is “directly applicable” in the various Members States).

Most of the PSD2 provisions need to be “live” in the various Member States by January 2018, with the exception of the provisions on security (so-called “strong customer authentication” or “SCA”) and the technical details of how banks are expected to provide access to third party players (so-called “TPPs”), which will only go live towards the end of 2018 or the beginning of 2019.

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