PSD2 directive - in brief - Эквайринг и Интернет-эквайринг

PSD2 Directive – in Brief

On 13 January 2016, the new Payment Services Directive of the European Union enters into force.
The Directive lays the foundation for the regulation of payment services, key consumer rights and principles of interaction between market participants. Below are some of the most relevant provisions of the document.

1.
The Directive introduces new types of financial intermediary institutions into the regulatory field:

– Payment Initiation Service Providers (PISPs) provide interfaces for making payments and act as intermediaries between the consumer and the holder of the funding source.
– Account Information Service Providers (AISPs), at the client’s request, request information about their accounts (e.g., balance) from financial institutions and consolidate it in one place.

2.
The Directive obliges financial institutions to provide information to financial intermediaries even without concluding a separate agreement. At the beginning of 2017, uniform standards for data exchange with financial intermediaries will be prepared, which will be mandatory for application throughout the EU.

3.
A pan-European register of organisations that have the status of payment institutions, as well as their agents, will be created in the European Union.

4.
The Directive continues to allow the provision of payment services by “payment institutions” – a special category of organisations that are not banks. Prudential requirements for payment institutions have remained largely unchanged. The authorised share capital of payment institutions is set at EUR 125,000. Money transfer systems – 20,000 euros. Payment initiation services – 50,000 euros. Differentiated requirements for the minimum amount of own funds (capital) are also imposed on payment market participants.

5.
The Directive does not apply to payment instruments that have limited functionality. For example, they can only be used at certain points of sale or to purchase a limited range of goods and services.
Payments through communications operators in the amount of up to 50 euros (300 euros per month) for the purchase of digital content, charitable payments and the purchase of electronic tickets will also not fall under the scope of the Directive.

6.
States have the right to exempt payment institutions with an annual turnover of up to EUR 3 million from prudential and a number of other requirements.

7.
The Directive requires the use of strong customer authentication when obtaining online access to an account, when transmitting instructions for the transfer of funds in electronic form, as well as in the presence of fraud risks.

8.
As before, transfer orders must be executed by default on the next business day. In some cases, this period may be extended to 4 business days.

9.
The Directive retains the client’s liability for unauthorised transactions in the amount of 150 euros. Liability may be reduced to zero if sufficient security of the payment instrument is not ensured (for example, two-factor authentication is not used). The client is liable for unauthorised transactions if they are committed as a result of violation of the rules for using the payment instrument.

10.
The provisions of the Directive will be transposed into national law by 13 January 2018. During 2017-2018, at least 10 explanatory documents and technical standards necessary for the effective implementation of the Directive will be prepared.

The full text of the Directive is available at the following link:

PSD2 directive – in brief