PSD2
PSD2, in plain words.
The EU law for anyone who moves other people's money: who may do it, how customers' funds are kept safe, and how payments are protected from fraud. Payment Services Directive, Directive (EU) 2015/2366. Irish law since January 2018, through the European Union (Payment Services) Regulations 2018 (S.I. 6/2018).
Who it covers
Banks offering payment services, payment institutions and e-money institutions, and the account information and payment initiation services that connect to bank accounts.
What it asks
Authorisation
Be authorised by the Central Bank of Ireland before providing payment services (Article 5).
Safeguarding
Keep users' funds segregated and safeguarded, in a separate account or covered by an insurance policy or comparable cover (Article 10).
Strong customer authentication
Two independent factors before a payer accesses an account online or starts an electronic payment (Article 97, with Delegated Regulation (EU) 2018/389).
Complaints
Answered in writing within 15 business days, or 35 in exceptional cases (Article 101).
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Security risk
Operational and security risk management (Article 95). For firms in DORA's scope, major incidents are reported under DORA.
Who supervises
The Central Bank of Ireland.
The official text
Directive (EU) 2015/2366 on EUR-Lex: https://eur-lex.europa.eu/eli/dir/2015/2366/oj
What Eurus keeps
Eurus's law register holds one duty from this law, each with what it asks, who it binds, what shows it, and the date it was read against the official text.
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