4/5/2016 The EU Payment Service Directive, PSD1, was introduced on 1 November 2009. The Payment Service Directive (PSD) provided the legal basis for the establishment of a European internal market for payments. The purpose of the PSD was to establish a modern and comprehensive set of rules that would apply for all payment services in the European Union.
The goal was to make transboundary payments as simple, efficient and reliable as "national" payments within a member state. Another aim of the PSD is to improve competition by opening up the payment markets for new players so as to promote efficiency and reduce costs. At the same time, the directive provides the necessary legal platform for the single Euro payments area, SEPA.
The new PSD2
The new Payment Service Directive, PSD2, is to be implemented in Swedish law within two years. The directive became official in January 2016 and the law will come into force in January 2018.
The Payment Service Directive PSD2 has been updated to improve security, increase consumers' options and keep up with innovations and developments. Moreover, the directive will give better prerequisites for modern, efficient and cheap payment services but will also improve protection for European consumers and companies.
The directive will open up and make it easier for a new player on the market, a TPP (Third Party Payment Service Provider) but at the same time it will place higher demands on business regulations. Hopefully, the directive will benefit both consumers and companies and will make the economy grow.
Bankgirot is now working proactively to secure and update all relevant systems, products and regulations so as to fulfil the new legal requirements.