PSD2 – the EU’s Regulatory Response to Innovation in the Payments Sector | White & Case LLP International Law Firm, Global Law Practice

PSD2, the EU Directive on payment services, is seen by many authors as one of the most innovative legal amendments in recent years, developing something called open banking. PSD2 is of particular importance to fintech businesses and will be implemented in the European internal market by the EU member states by 13 January, 2018. The rationale behind the directive is to establish a framework to respond to the significant innovation within the sector, which has left regulatory gaps and legal uncertainties. PSD2 will be the basis for innovative processes while ensuring that payment service providers are able to launch safe, secure and easyto-use digital payment services with sufficient legal clarity, security and protection of consumer rights

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