Revised version of the Payment Service Directive

The European Parliament has adopted the revised version of the Payment Services Directive (PSD2) on October 8th, 2015. Before it can be published in the Official Journal of the European Community, the Directive still needs to be approved by the Council of Ministers of the European Union. After the approval, the Directive has to be implemented into national law within two years by the member states.

The revision of the Payment Services Directive will lead to amendments and adoptions of previous Directives and Regulations as well as the German Payment Services Supervision Act (ZAG).

One aim of the PSD2 is to make the electronical payments safer and more secure as well as more comfortable for European consumers. Hence “payment initiation services providers” and “account information service providers” will also be subjected to regulatory supervision by the BaFin. In addition they will have to undergo a licensing procedure at the BaFin.

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