• Deborah

On May 10, 2022, the European Commission (EC) published a Public Consultation and Targeted Consultation to gather evidence for its review of the second EU Payment Services Directive (2015/2366) (PSD2), and to inform on its ongoing work on open finance.


The Public Consultation includes general questions relating to the following areas:

  • Payment methods and payment service providers

  • Digital payments (consumer protection, strong customer authentication…)

  • Open Finance (sharing or re-use of data by financial institutions and other third-party service providers…)

The Target Consultation includes questions on:

  • PSD2’s main objectives and specific objectives (payment user needs & innovation, market integration & competition, consumer protection, secure payments…).

  • PSD2’s various measures and procedures that regulate the retail payments activities (licensing of providers of payments services, safeguarding, third parties regime, transparency and information requirements).

  • PSD2’s rules of ‘open banking’ (access to account, liability & funds, execution of payment transactions, operational and security risk, fraud prevention).

The Public Consultation is addressed to the general public and a broad range of stakeholders such as users of payment services (consumers, corporate users and merchants) and other parties interested in open finance (data vendors, consumer organizations, fintechs).


The Targeted Consultation is addressed to professional stakeholders with technical knowledge and/or (working) experience in the field of payments, such as payment experts.


Comments on the Target Consultation and on the Public Consultation must be submitted respectively by July 5, 2022 and August 2, 2022.


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