The Payment Services Directive (PSD 2)

On July 24, 2013, the European Commission adopted a legislative package containing a new directive on payment services, known as DSP 2, which repeals the first directive on payment services DSP 1 (Directive 2007/64 / CE2) and was adopted definitively by the European Parliament and the Council on November 25, 2015 (Directive 2015/2366 / EU3). Following the work4 of the European Banking Authority to supplement the directive with regulatory technical standards relating to strong customer authentication and common open and secure communication standards, Delegated Regulation (EU) 2018/389 was adopted November 27, 20175.

This revised directive aims to facilitate the use of electronic payment services on the Internet by making them less expensive and more secure by taking into account the so-called payment initiation services, intervening between the merchant and the buyer’s bank.

Payment service providers without a credit card will therefore now be subject to the same regulatory and supervisory standards as all other payment institutions.

This directive lays down the principle of unconditional reimbursement of direct debits, except in the event that the goods or service paid for has been consumed or if the losses are due to negligence on the part of the user.

In addition, this revised directive lowers the ceiling that users may be required to assume in the event of unauthorized payment following the loss or theft of a payment card to € 50, compared to € 150 with the DSP. 1.

The directive entered into force partially in January 2018 and definitively in September 2019 with the implementation of the obligation of “strong authentication” and access to information on accounts given to new payment service providers ( PSP)

CF : BLUE QWAC PSD2

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