Solving the PSD2 problem for marketplaces: Inbound vs outbound payment providers
In roughly six months, two-sided marketplaces based in the European Union will need to comply with PSD2, the Second Payment Services Directive. Amending the original Payment Services Directive that had left them exempt, this piece of legislation mandates that marketplaces serving as an intermediary for transactions between buyers and sellers must obtain authorisation as either a payment institution (PI) or electronic money institution (EMI). Failing to do so could lead the government to levy hefty financial penalties upon the organization, or even shut down the business altogether.
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