PSD2 - Payment Services Directive
The new EU Payments Services Directive (PSD2) took effect on 13th January 2018, based on the original PSD brought into the EU in 2007. The legislation was designed to encourage safer, more innovative payment services, whilst making cross-border payments in the EU as easy, efficient and secure as payments within a member state.
PSD2 builds on the previous legislation in three areas:
(i) Increased consumer rights in complaints handling, surcharging and currency conversion;
(ii) Enhanced security;
(iii) Enablement of third-party access to account information.
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