The revised European Directive on Payment Services in the internal market (2015/2366/EU), named “PSD2”, is to be implemented across all EU Member Stat
The revised European Directive on Payment Services in the internal market (2015/2366/EU), named “PSD2”, is to be implemented across all EU Member States on 13 January 2018.
As the publication in cryptocoinnews.com explained, one of the most significant changes under the new regime requires Member States to ensure that payment services providers (“PSPs”) and payment institutions (“PIs”) have access to credit institutions` payment account services (“PAS”) on an “objective, non-discriminatory and proportionate basis.” These credit institutions can be banks, among others.
The HM Treasury commented that this does not mean that banks must provide PSPs and Pls with access to their PAS. It is reportedly requiring that banks treat applications by PSPs and Pls seeking access to their PAS on an equal basis.
Why is this game changing?
The report of cryptocoinnews.com explained in detail how the changes matter for businesses in the financial services field:
“Under the previous regime, Third Party PSPs (“TPPs”) offering payment initiation or account and aggregation services faced significant barriers to operating within the internal market. PSD2 changes that. It brings those TPPs within its scope by creating two new functions: payment initiation services (“PIS”); and account information services (“AIS”). Under PSD2, online businesses authorised as PISs, will be able initiate payments on behalf of a consumer without recourse to acquirer banks and card networks.”
“Similarly, PSD2 will enable online businesses registered as AIS to consolidate a consumer’s bank account information to provide the consumer with an instant overview of their financial situation across their various bank accounts.”, as the online media added to explain the situation.
PSD2 is reportedly offering banks the opportunity to invest in technology. In this way, new lines of business could possibly diversify and improve their available services. It is speculated that the aim is collaboration between banks and FinTech. It is to be followed whether this will be realized into practice.