Chapter 1 - Payment Services Directive 2

Question 1

When was PSD 2 introduced?

Answer 1

2018

Question 2

What is the aim of PSD 2?

Answer 2

1. Legal foundation for the creation of an integrated electronic payments market within the EU.
2. Rules to make international payments within the EU as easy as payments within a country.
3. Opening payment markets to new entrants to increase competition, consumer choice and prices.
4. Provide the legal platform for a Single Euro Payments Area (SEPA).

Question 3

What does EU 2015/51 do in relation to payment services?

Answer 3

1. Cap fees charged by banks to merchants when accepting credit and debit card payments.

Question 4

Which type of payment services did PSD 2 open the market up to?

Answer 4

1. Account information services

2. Payment initiation services

Question 5

What must account information services have in order to receive authorisation?

Answer 5

Professional indemnity insurance

Question 6

How did PSD 2 enhance consumer rights?

Answer 6

1. Reduced the liability for non authorised payments to 50 euros from 150 euros.
2. Unconditional right to receive a refund direct debit in euros
3. Removal of surcharges for credit card and debit card transactions.

Question 7

How will the European Banking Authority support PSD 2?

Answer 7

1. Develop a central register of authorised payment institutions which will be publicly accessible.
2. Provide a dispute resolution forum between national authorities.
3. Provide technical standards on strong customer authorisation and secure communication channels.
4. Develop cooperation and information exchange between national supervisors.