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Payment Service Directive (PSD2)

Payment Service Directive (PSD2)

Payment Service Directive (PSD2)

The first Payment Service Directive (PSD1) was implemented in Ireland in 2009 as the European Communities (Payment Services) Regulations 2009. The purpose of PSD1 was to assist in the development of the Single European Payments Area. (SEPA) to enhance consumer protection and promote competition in the payment market. An updated and improved version was transposed into Irish law by the Minister of Finance on the 13th January 2018 (PSD2). The purposes of PSD2 is to :

  • Make it easier and safer to use internet payment services,
  • Better protect consumers against fraud, abuse and payment problems,
  • Promote innovative mobile and internet payment services,
  • Strengthen consumer rights.

The transposition of PSD2 into law requires the Credit Union to provide our members with a new Framework Contract as per regulation 78 (1) of the 2018 Regulations. St Anthony’s and Claddagh Credit Union Frame Agreement can be viewed by clicking this link (see attachment) http://www.irishstatutebook.ie/eli/2018/si/6/made/en/pdf

 

EU PAYMENT SERVICES REGULATION 2018 – PSD2


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