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Second Payment Services Directive (PSD2)

The Second Payment Services Directive (PSD2) is the EU legislation and regulatory framework for firms providing payment services.


Many elements of PSD2 came into force across the European Union (EU) and the European Economic Area (EEA) on 13 January 2018 with other provisions coming into force on 14 September 2019. The Directive aims to provide greater transparency, more efficient banking processes, improved client protection and security, as well as encourage the introduction of innovative services.

This European Commission leaflet provides useful information on PSD2:

Key Changes

The directive applies both to intra-EEA payments, and to payments where either the beneficiary or originator is located outside the EEA. The key changes include:

  • Shared transaction charges

    For intra-EEA payments in all currencies, transaction charges are shared between the payer and payee.

  • Value dates

    For payment transactions in EEA currencies (or non-EEA currencies with some restrictions), the payment value date is the date the bank receives the funds.

  • Quicker complaint handling

    Payment related customer complaints will be addressed within 15 business days (and 35 days in exceptional circumstances).

  • Refunds for unauthorised transactions

    Refunds will be provided as soon as practical, no later than the end of the next business day.

  • Free phone option

    We now provide a free phone line to report lost and stolen cards or other payment instruments.

  • Regulation of Third Party Providers (TPPs)

    PSD2 regulates Payment Initiation Service Providers (PISPs) and Account Information Service Providers (AISPs). PISPs initiate a payment from a customer’s bank account on their behalf, and AISPs provide account aggregation services to customers. Under PSD2 banks are responsible for giving PISPs and AISPs access to a customer’s account upon their consent.

  • Increased client protection

    When using payment instruments and accessing online banking systems (even if read-only) increased identification requirements may be required.

Additional information

Additional information on PSD2 can be found in this European Commission leaflet:

If you have any additional questions or would like further information, please contact your Relationship Manager.

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