From January 2018 onwards, the Payment Services Directive 2 will be implemented across the Eurozone. Under this new legislation, companies that act as intermediaries for online transactions between sellers and buyers may need to become licensed payment institutions to continue operating.
This could radically disrupt the processes of some of ecommerce’s highest performing companies, including online marketplaces, P2P platforms and online travel agents. To help operators in these sectors to properly prepare for 2018, Acapture has published a series of must-read guides to how PSD2 will affect each type of business model.
The PSD2 challenge
Hailed by Accenture as ‘the biggest change ever in banking’, the update to 2007’s original Payment Services Directive aims to improve competition across the EU by further encouraging recent innovations in the payments sector and increasing transparency for online buyers.
As EU Commissioner Margrethe Vestager said when the European Commission voted in favor of PSD2 in October 2015,
“We have already used EU competition rules to ensure that new and innovative players can compete for digital payment services alongside banks and other traditional providers. Today’s vote by the Parliament builds on this by providing a legislative framework to facilitate the entry of such new players and ensure they provide secure and efficient payment services. The new Directive will greatly benefit European consumers by making it easier to shop online and enabling new services to enter the market to manage their bank accounts…”
One key element of this is the narrowing of the original directive’s ‘Commercial Agent Exemption’, under which many online marketplaces have operated without a payment institution license.
Acapture’s three reports – PSD2 and Online Marketplaces, PSD2 and Online Travel Agencies and PSD2 and the Sharing Economy – answer the key questions any company in these sectors should be asking about the new legislation and how it will affect them. These include:
Why is PSD2 relevant for this business type?
How can I avoid requiring a payment institution license?
What are the likely costs of PSD2?
What exemptions might cover my business?
What’s the best way to deal with PSD2 with minimum disruption to my business?
Breaking down all the most pertinent information in simple, clear English and illustrated with slick graphics, these papers are all available to download free. For more information about PSD2 and to find out whether your company needs to become compliant, you can take Acapture’s PSD2 test here.
PSD2 is a laudable and forward-thinking piece of legislation that will, eventually, deliver a fairer and more innovative online retail world. Yet marketplaces that want to continue building on the success of recent years will have to react quickly to ensure it doesn’t place a barrier in front of their growth. Be sure you get all the information you need to make the right steps between now and 2018.