Home Knowledge The Fintech and Payments Revolution of PSD2: What Do I Need To Know?

The Fintech and Payments Revolution of PSD2: What Do I Need To Know?

Technology and competition are revolutionising the provision of payment services. Long established business models are being disrupted by innovative new entrants to the market. A new payment services directive (“PSD2”) will broaden the scope of regulation of the sector.

William Fry held a seminar on The FinTech and Payments Revolution of PSD2 – Opportunities and Challenges, on Tuesday, 5 April 2016. This session was to help attendees navigate PSD2 with perspectives from William Fry and the industry. Speakers included (pictured above):

  • Shane Kelleher, Partner, William Fry Financial Regulation Group and Corporate Department
  • Frank Kelly, Senior Legal Advisor, Bank of Ireland 
  • Richard Walsh, CEO, FinTech and Payments Association of Ireland (FPAI)
  • Killian Barry, Consultant, Accenture Ireland

Please click on any of the questions below for further information

  1.  Background
  2. New payment service categories introduced
  3. Authorisation/registration process for providers of payment initiation services and account information services
  4. Exemptions narrowed
  5. Commercial agent exemption narrowed
  6. Limited network exemption narrowed
  7. Telecoms exemption narrowed
  8. ATM exemption
  9. Territorial scope broadened
  10. Enhanced security requirements
  11. Stronger consumer protection measures
  12. A more level playing field for credit institutions and payment institutions
  13. Transition phase
  14. Next steps
  15. How can William Fry assist your business?