On February 19, the European Revised Payment Services Directive, better known as PSD2, was finally implemented into Dutch legislation. The long-awaited implementation - the ultimate transposition date as laid down in PSD2 was January 13, 2018 (!) – was not met by the Dutch legislator. The Netherlands was the only Member State that had not yet transposed PSD2 into national legislation.
PSD2 is a European directive that has stirred things up and raised a lot of questions. The directive defines three particular objectives: (1) strengthening a well-functioning internal market within the European Union for card payments, internet payments and mobile payments; (2) stimulating and facilitating innovations by regulating 'new' payment services (which have emerged after the implementation of the first European directive on payment services, also called PSD1), and (3) repairing defects under PSD, among other things by reformulating outdated definitions and tightening permit conditions.
It now appears that the implementation of PSD2 did not only take place too late, but it is also lacking in terms of substance and therefore incorrect. Not just the technical rules for access to the account were postponed, but also the principle that consumers have the right to use payment initiation services and account information services. In other words, the core of PSD2 has erroneously been excluded. This added insult to injury, and means that the Netherlands is violating European rules once more.
A spokesperson for the Ministry of Finance has acknowledged the painful failure and a quick correction should be implemented shortly, the Dutch Financial Times (Het Financieele Dagblad) reported last Monday.
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