PSD2 and account information portability: a revolution is imminent
This is the new European Payment Service Directive, known as PSD2. The transposition of this legislation into national law is forthcoming, set for 13 January 2018, and it will change the world of payment systems as we know it. The shared goal – yet to be precisely defined with guidelines and technical standards which are still being fine-tuned by the EBA – is to expand and integrate the payments market, harmonising the rules between Payment Service Providers (PSP) and new players, thus making the system more robust while encouraging competition and transparency.
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