The revised Payment Service Directive (PDS2) is a directive focused on better integration of an internal market in payment services. Third parties (Account Information Services Providers or AISPs and Payment Initiation Service Providers or PISPs) will have access to transactional data to either analyse the data and/or to execute payments. The PSD2 is a directive that EU member states need to implement into national legislation. The implementation deadline for EU member states is the 13th of January 2018. The key changes of this directive are clear: financial institutions will need to give access to bank accounts to third parties when double consent is obtained.
This revision of the PSD directive also follows the General Data Protection Regulation (GDPR), which focuses on the protection of personal data and the transparency towards the natural person and enters enforcement on the 25th of May 2018, which is not excluded from the PSD2.
The PSD2 stipulates even further requirements regarding transparency towards the natural person, especially when he/she interacts with a PISP. The natural person should be informed about the (executed) payment transactions. The general obligations regarding the information to be provided are the same for both the GDPR and the PSD2: the information needs to be concise, transparent, and presented in an intelligible and easily accessible form, using clear and plain language.
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