Understanding Europe’s revised Payment Services Directive (PSD2), which includes regulations in the EU that will affect the competitive landscape for payments, is no easy feat. PSD2 is as complicated as it is important, yet many industry players don’t have a firm understanding of the directive. The European Payments Council (EPC) has put together a helpful infographic to explain PSD2, which includes a “jargon buster.”
“The revised Payment Services Directive is a hot topic in Europe due to its significant impact on the industry and customers, but also a very complex one, with several challenging concepts, such as ‘strong customer authentication,’ a shifting timeline and lots of acronyms,” Etienne Goosse, EPC director general, tells Paybefore.
“Many things had already been written about PSD2, [such as] exhaustive reports and in-depth articles, yet all required you to be already familiar with the directive, or to be willing to spend quite some time to read a long paper,” Goosse says. “We wanted to propose a different format to our readers: visual, to-the-point, and which would highlight only the key characteristics of PSD2.”
Goosse adds that the infographic can’t replace the “careful reading” of the directive itself and the Regulatory Technical Standards (RTS), but its goal is to introduce PSD2 to non-legal experts. The EPC plans to update the infographic to reflect the final RTS and the evolution of the calendar, as the EPC expects the next steps to be delayed by at least a few months, according to Goosse.
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