A guide to EU PSD2
October 24, 2016

Deutsche Bank modestly reports that it has published a must-read guide to a new European Union Payment Services Directive (PSD2) which it describes as a major update of EU payment market regulation.

Banks and payment providers will need to adapt their systems and processes to comply with the requirements of the new EU Directive on Payment Services Directive 2 (PSD2), according to the paper, on which the bank worked with PPI AG.

Deutsche Bank says the paper - boasting the title Payment Services Directive 2: Directive on Payment Services in the Internal Market (EU) 2015/2366 - comprehensively explains the most important provisions of PSD2, as well as covering its impact on the operations of payment service providers and corporates.

Deutsche Bank notes that PSD2 introduces three major changes, alongside a number of smaller ones:

It extends the existing directive's scope to cover transactions in all currencies where both the payer's and payee's payment service providers (PSP) are located in the EU/EEA (two-leg-in), as well as to transactions where only one PSP is located in the EU/EEA (one-leg-out). However, certain provisions at the core of payment processing ̶ such as those on payment transaction execution times ̶ continue to apply only within the scope of the first Directive.

It introduces stricter safety requirements for accessing payment account information and for the initiation of payment transactions via online channels, mandating two-factor authentication.

Finally, it extends market access to ̶ and control over ̶ third-party providers of payment initiation and account information services.





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Deutsche Bank modestly reports that it has published a must-read guide to a new European Union Payment Services Directive (PSD2) which it describes as a major update of EU payment market regulation.

Banks and payment providers will need to adapt their systems and processes to comply with the requirements of the new EU Directive on Payment Services Directive 2 (PSD2), according to the paper, on which the bank worked with PPI AG.

Deutsche Bank says the paper - boasting the title Payment Services Directive 2: Directive on Payment Services in the Internal Market (EU) 2015/2366 - comprehensively explains the most important provisions of PSD2, as well as covering its impact on the operations of payment service providers and corporates.

Deutsche Bank notes that PSD2 introduces three major changes, alongside a number of smaller ones:

It extends the existing directive's scope to cover transactions in all currencies where both the payer's and payee's payment service providers (PSP) are located in the EU/EEA (two-leg-in), as well as to transactions where only one PSP is located in the EU/EEA (one-leg-out). However, certain provisions at the core of payment processing ̶ such as those on payment transaction execution times ̶ continue to apply only within the scope of the first Directive.

It introduces stricter safety requirements for accessing payment account information and for the initiation of payment transactions via online channels, mandating two-factor authentication.

Finally, it extends market access to ̶ and control over ̶ third-party providers of payment initiation and account information services.



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