PSD2 is the English abbreviation commonly used for the guideline (EU) 2015/2366 of the European Parliament and Council from the 25th of November 2015, which disbanded the guideline 2007/64/EG (“Payment Services Directive”). The guideline deals with payment services in the internal market, changes regarding the guidelines 2002/65/EG, 2009/110/EG and 2013/36/EU and the regulation (EU) No. 1093/2010 as well as the suspension of the guideline 2007/64/EG (“Second Directive on Payment Services”).
The aim of the Directive is to increase Europe-wide competition and promote the participation of non-banks in the payment industry along with creating a level playing field through harmony within the areas of consumer participation and the laws and obligations of payment service providers and users.