What is PSD2?

PSD2 is a collective European framework for regulation of payment services in the internal EU market. The framework and directive must be approved and implemented by 13 January 2018.

The new directive has been introduced in order to encourage greater competition in respect of payment services, promote service innovation and enhance online payment security.

How are we affected by PSD2?

For Norway:

Norway is a member of the EEA, so this also includes Norway and it will be implemented by the end of 2018.

For Consumers:

It will be easier and cheaper to make electronic payments without using cards. Consumers will be able to make payments directly from their bank accounts via online services. It will also be possible to compile account information in a single location, across banks. This will make it easier for consumers to keep an eye on their own finances. Customers themselves will decide who is to be allowed to access their own personal details. Moreover, security and consumer rights will be upheld effectively, even across national borders.

For Suppliers of payment services:

It is highly likely that new stakeholders will come online and offer payment services.

Relevant terms: Open Banking