Debit and Alternative Products

Payment Services Directive 2

New rules for the European Union create open account access for bank and payment innovators.

As the E.U. became established, European Parliament recognized that a single framework for payments was needed to simplify commerce throughout the member states and “harmonize” payments across borders. Now, nearly a decade after the first Payment Services Directive was announced, a radical update has been issued. More than a list of new rules, Payment Services Directive 2 (PSD2), looks to force financial innovation throughout Europe.

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