PSD II: Modernizing the EU Payment Services Landscape Through Effective Competition and Consumer Protection
Orestis Omran, Counsel, McKenna Long & Aldridge LLP and SWIFT SCRL
Emmanouela Nikolakopoulou, Associate Legal Counsel, Swift
On July 24, 2013, the European Commission (“the Commission”) issued a legislative proposal to update the existing Payments Services Directive (“PSD I”), which has been in force since 2007. The new legislative package includes a revised Payment Services Directive, along with a new Regulation on Multilateral Interchange Fees (both referred to as “PSD II”) and intends to establish a new reliable regulatory framework for payment services. PSD I needed to be updated in order to modernize retail payments, as also provided by the Commission Single Market Act II, promote innovation in the market, reduce transaction costs and increase protection for consumers, while removing barriers to entry for new payment services providers (“PSPs”) strengthening, thus, effective competition in the relevant market.
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