PSD2 Fact 6: Limitations to the Limited Network Exclusion Payment transactions based on a specific payment instrument within a limited network – for instance a chain of department stores or fuel cards – are outside the scope of the Directive. However, practice has shown that the exclusion often entails companies processing significant payment volumes and values…
PSD2 Fact 5: The Rise of Consumer Complaints? One of the areas that PSD2 is enhancing is consumer protection. Customers of Payment Institutions have the right to bring their claims to court, however the European Commission offers an alternative dispute resolution (ADR) route under PSD2 for payment service users. Pursuant to consideration 98, Member States…
PSD2 Fact 4: Scaling Down on Exempt Payment Institutions? Under the current PSD, entities with an average volume of monthly payment transactions below €3 million can benefit from a lighter authorisation regime, if their Member State of establishment makes use of that option. This (under PSD1-called “waiver”, but under PSD2-called “exemption”) regime will remain as…
PSD2 Fact 3: Striking the Roots of the European Single Market? Payment Institutions are – in principle – supervised by the Member State where they are authorised (eg. the home country). In the event a Payment Institution provides payment services in another Member State, they can ‘passport’ their license and the supervision of these activities…
In this series, every Friday, I will be posting facts on PSD2 (yes there is more to it than just XS2A!) to get you up-to-speed with the upcoming changes. TGIF gets a whole new meaning: “Thank God It’s Fact-day”. This is PSD Fact number 2. PSD2 Fact 2: The end of purposive interpretations or not…
In this series, every Friday, I will be posting facts on PSD2 (yes there is more to it than just XS2A!) to get you up-to-speed with the upcoming changes. TGIF gets a whole new meaning: “Thank God It’s Fact-day” PSD2 Fact 1: No more home country shopping? When choosing a EU home country to establish…
On June 28th, I spoke at EPA’s Pay360 Digital Payments event on the impact and opportunities of PSD2 for payment processing companies. This first post is part of a 3-series blog on this topic. What is the impact of PSD2? With the help of PSD2, new players acting as Third Party Provider (TPP) are given…