A mid-summer storm: The key changes introduced by PSD2
4 November 2013
As the payments industry was preparing for the summer holidays, the European Commission (the “Commission”) released its much anticipated Proposal for a Directive of the European Parliament and of the Council on payment services in the internal market and amending Directives 2002/65/EC, 2013/36/EU and 2009/110/EC and repealing Directive 2007/64/EC (“PSD2”). As explained in our client briefing entitled “Updating the Payment Services Directive – PSD2”, PSD2 builds on various European initiatives since the publication of the Commission’s Green Paper on Card, Internet and Mobile Payments and aims to reflect new developments in the payments market.