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Farrer & Co | Payment Services Directive 2: Open Up!

What do the dentist and the Payment Services Directive 2 (PSD2) have in common? They both want you to open up!

On 18 July 2017, the UK published the final form of the Payment Services Regulation 2017 (PSRs 2017), the UK implementation of the PSD2 which comes into force on 13 January 2018. The PSRs 2017 introduce a host of new provisions that require providers of payment accounts (including for example banks) to allow third parties (such as payment initiation service providers like PayPal and account information service providers like OnTrees) access to clients' payment accounts.

In this article, Nandini Sur takes a closer look at the challenges these new requirements present for established payment service providers and what we can expect to see in the coming months. To read the full article, please click here.

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