The first Payment Services Directive (PSD1) was adopted in 2007 and presented the legal framework for payment services across the European Union. Its main objectives were to: Establish a safer, more innovative payment industry and make cross-border payments as easy, efficient and secure as ‘national’ payments within the EU Member States
The European Commission proposed to review PSD1 to both accommodate new types of service providers previously unregulated and to boost innovation and competition for internet payments. The revised Directive on Payment Services was adopted by the European Parliament in October 2015 and by the European Council of Ministers in November 2015.
PSD2 aims to better protect European consumers when paying online, promote development and use of innovative online and mobile payments and make cross-border payment services safer.
Egencia is committed to meet the regulatory measures required for our services, including requirements deriving from the PSD2.
September 14, 2019 is the effective implementation date of PSD2 across all European Union Member states.