The PSD2 implementation deadline is approaching quickly. It is a current and hot topic that affects a large part of the financial landscape in the EU. Officially, PSD2 must to be implemented in all EU Member States’ national regulations by January 13, forthcoming.
Most countries in the EU are working hard to meet the coming deadline. The Dutch government previously announced that the scheduled implementation date is not realistic for the Netherlands. Also for Belgium and Sweden, the January deadline is too tight and the countries’ governments expect to implement PSD2 at some point in 2018.
Dutch PSD2 license
In the Netherlands, the implementation delay impacts the application for licenses at the Dutch central bank (DNB) as well as the date of the entry into force of new obligations for license holders. As a result, companies can not apply for a PSD2 license yet, however, potential applicants can get a specimen copy of the license application form (in Dutch). The DNB will also provide potential applicants with an idea of the requirements for a PSD2 license. Concrete requirements are still unknown, as the PSD2 legislation is still subject to potential change.
RTS and EBA guidelines
In November last year, the EC announced that PSD2’s regulatory technical standards (RTS) will be applicable from September 2019. Next to the RTS, the European Banking Authority (EBA) is also preparing several guidelines concerning PSD2. You can find the progress and current status of the guidelines and RTS here (in Dutch), as they aren’t completely finalized yet.
DNB PSD2 seminar
On 8 February, the Dutch central bank (DNB) will organize a second seminar on PSD2. The seminar will focus on the licensing process for potential payment service providers (PSPs) and on supervision on PSD2 for new and current PSPs. The target audience for the event are potential applicants, current PSD1 license holders and bank representatives.
‘PSD2 in business’ event
To provide a clearer view of PSD2 and its impact, Holland FinTech, in cooperation with the Dutch Payments Association, is organizing the ‘PSD2 in business’ event. The event is for Holland FinTech members only and will dive into the latest developments, such as the implementation timeline, the impact of the RTS and the third-party providers (TPP) licensing.
By Michael Brooijmans, Research Analyst at Holland FinTech.