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Clifford Chance

Clifford Chance

Briefings

Payment Services Directive 2

3 July 2015

On 2 June 2015, the Council of the EU published its final compromise text for the new Payment Services Directive (the Directive). Further substantive amendment is not expected before the legislation’s imminent adoption. Existing payment service providers (PSPs) – including banks – will have to change systems and processes to comply with the new rules, which are expected to apply from mid-2017. The Directive also raises a number of strategic questions on how to balance access with security.

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