Revolution in European payment transaction market highlighted in Deutsche Bank report as new regulation looms ahead

Revolution in European payment transaction market highlighted in Deutsche Bank report as new regulation looms ahead

The clock is now ticking on implementation of an EU Directive of profound importance to Europe’s financial institutions, their corporate customers and consumers.

European banks and payment providers will need to adapt their systems and processes to comply with the requirements of the new EU Directive on Payment Services Directive 2 (PSD2)

A new white paper published by Deutsche Bank, in collaboration with PPI AG comprehensively explains the most important provisions of PSD2, as well as covering the directive’s impact on the operations of payment service providers and corporates.

PSD2 is a major update of the EU’s first Directive on Payment Services published in 2007 which laid the legal foundation for the creation of an EU-wide single market for payments.

Applicable from January 13, 2018, PSD2 aims to bring EU regulation up-to-speed both with the step-change in technological development and the shake-up of the payments market that have occurred since the first directive came into force.

The European payments market has undergone a metamorphosis in recent years, thanks to several factors. For example, non-cash payments have consistently been increasing as a proportion of total payments, totalling 112.1 billion payments in the EU in 2015, an 8.5% rise from 2014.

Sourced through Scoop.it from: www.assetfinanceinternational.com

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