🗞️ PSD2 briefing
PSD2 is the EU's Second Payment Services Directive, which came into effect on January 13, 2018. The directive requires financial institutions to provide third-party providers with access to customer account information and payment initiation services. The goal of PSD2 is to promote competition and innovation in the payments industry, as well as to increase security and protect consumers.
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Board Briefing Notes On EU Payment Services Directive Two (PSD2)
The template covers various aspects related to PSD2, including but not limited to, the scope and applicability of the directive, new obligations for payment service providers and banks, changes in customer authentication and security standards, access to payment systems for third-party providers, and the introduction of open banking. It presents a clear overview of the legal and regulatory framework governing payment services under PSD2 in the UK, ensuring that the board members are well-informed about the obligations and opportunities arising from the directive.
Furthermore, the template provides valuable guidance on the necessary actions that organizations should consider implementing to maintain compliance, such as conducting comprehensive risk assessments, updating internal policies and procedures, establishing strong customer authentication methods, and enhancing data protection and privacy measures. It may also discuss the potential impact of PSD2 on the organization's competitive landscape, customer relationships, and strategic decision-making, enabling the board to identify and evaluate business opportunities or potential risks associated with the directive.
Overall, this legal template serves as an essential resource for boards of directors, legal teams, and executive management within organizations operating in the UK payment services sector. It helps ensure a comprehensive understanding of PSD2 and its implications, enabling informed decision-making and necessary actions for compliance and strategic planning.
Publisher
Genie AIJurisdiction
England and Wales
Associated business activities
Brief on PSD2
PSD2 is a new regulation that affects how online payments are processed. It is important to understand how it works in order to ensure compliance and reduce fraud. Additionally, PSD2 can help improve customer experience by making it easier to pay for goods and services online.
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