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PSD2 Directive. Specific requirements for payment institutions

On September 14, 2019, a new EU Directive entered into force. This is a completely new approach to the regulation of payment institutions in Europe. The Directive is titled PSD2 (Payment Solutions Directive 2).

The Directive applies to all payment institutions that handle payment data to the benefit of customers.

The main provisions of the Directive establish stronger data requirements and the data authentication procedure.

These provisions will allow to make data movement within payment institutions more secure, mitigate the risk of false data and will allow to make the financial services market in Europe more open.

In this regard, in addition to the Directive, the Regulatory Technical Specifications have been adopted establishing the specific operation procedure for all payment institutions.

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