Time is ticking away before the introduction of the Revised Payment Services Directive (PSD2), which will be coming into force as of September 14th.
If you're not already familiar with it, PSD2 is the latest piece of legislation to follow up from the original Payment Services Directive (PSD). This newest addition aims to create a digitalised single market for payments, regardless of where in Europe you are.
So what does it actually mean? Broadly speaking, PSD2 aims to improve on the following for consumers:
- Increasing customer rights in areas including the process of complaints handling.
- New rules regarding surcharges and currency conversion rates
- Improvements to the already existing criteria for Strong Customer Authentication (SCA)
- Setting out strong security provisions in line with enabling third-party access to user account information