Payment Services Directive (PSD) 2

June 21st, 2018

The original Payment Services Directive (PSD) was first adopted in 2007 and became effective in Ireland and the UK in 2009.  This is a European Regulation which is given effect in all EU member states through local implementing legislation.  The Payment Services Directive provides the legal foundation for an EU single market for payments.  The objective is to provide safer and more innovative payment services across the European Union by creating common rules for certain types of electronic payments such as card payments and online payments.

The second Payment Services Directive (PSD2), which came into effect on the 13th of January 2018 simply evolves the rules set out in the PSD1. In general terms these updates aim to:

  • Facilitate a more integrated and efficient European Payments Market;
  • Make payments safer and more secure and thus protect consumers against fraud, abuse and payment problems;
  • Promote innovative mobile and internet payment services; and
  • Enhance consumer protection.

We have updated our Framework Contract with our members in accordance with this directive and this is available by clicking on the following link: PSD2 Framework Contract

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Ballybay Credit Union Ltd is regulated by the Central Bank of Ireland