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European Union Payment Services Directive

European Union Payment Services Directive EUROPEAN UNION

The consultation on the proposed steps that the UK government will need to take to make sure the UK meets its obligation to transpose the revised European Union (EU) Payment Services Directive II (PSDII) has been updated to include the Draft Impact Assessment on the Implementation of the PSDII.

The PSDII was first published in December 2015 and seeks to widen the scope of the existing EU Payment Service Directive (PSD) that defines the information that consumers and business must receive when making payments. This includes payments by debit and credit cards, direct debit, credit transfers, standing orders and other digital payments.

The directive seeks to widens the scope of the PSD, and updates and complements the EU rules put in place by the PSD that member states are required to meet, in order to:

  • contribute to a more integrated and efficient European payments market;
  • improve the level playing field for payment service providers (PSPs), including new players;
  • make payments safer and more secure;
  • protect consumers;
  • encourage lower prices for payments.

The government is required to implement the PSDII in the UK from 13 January 2018 to meet its treaty obligations and avoid the risk of facing infraction proceedings. This work must still be completed as long as the UK remains a full member of the EU.

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