1. Introduction
PSD2: the history
The evolution of the market of payment services is accelerating at high speed, driven by continuous technological innovation and by the significant current legislative changes, that are reshaping the rules of the market.
The first Payments Service Directive (PSD) was adopted in 2007 in order to increase competition in the pan-European market by extending its validity even to non-bank parties and, at the same time, to harmonise the rules to ensure the safety of consumers. The directive provided for the introduction of a regulatory framework for the SEPA (Single Euro Payments Area) concerning payments within the European area.
Over the past decade, since the entry into force of the PSD, the evolution in digital technologies and the entry of new operators from the Fintech world in the financial sector have identified the urgency for a review and definition of the PSD in the light of the new scenarios considered as “out of scope” in the initial legislation.
The aim of the Directive 2015/2366/EU, known as PSD2, is in fact expanding the scope of the
PSD:
- improving payment security and consumer protection
- encouraging innovation and competition
- ensuring the same level playing field to all the players in the market, including new ones and those who will come forth in the future in the payments market
The Directive 2015/2366/EU , called PSD2, represents another step forward to the complete harmonisation of the EU payments market and introduces important changes compared to the previous PSD.
