The text of the second Payment Services Directive (EU) 2015/2366 (PSD2) was published in the Official Journal of the EU on 23 December 2015. It entered into force on 12 January 2016 and must be transposed by member states into their national laws and regulations by 13 January 2018.

PSD2 replaces and repeals the original Payment Services Directive 2007/64/EC (the PSD) and builds on it in a number of respects. The general effects of PSD2 will be to broaden the scope of regulation in this market and to lower barriers to the provision of account-based services by non-bank payment service providers (PSPs).

Originally published in inCOMPLIANCE - Spring 2016.