The 2007 Directive on an EU-wide single market for payment services has been revised regarding the rapid evolution of methods of initiation of payments.
After its adoption by the European Parliament in October, the revised Directive (PSD2) has been adopted by the Council on November, 16. It aims to adapt the rules to cater for emerging payment services as well as to ensure a more secure environment. To do so, stronger security measures for internet payments have been set up such as a strong customer authentication.
Members states have two years to transpose the directive into their national laws.