Central Banking

Tensions rise as EU payments deadline nears

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Europe's revised payment services directive is set to become law in January 2018

With less than six months to go until Europe’s revised Payment Services Directive (PSD2) is due to become law, tensions are rising over potential flaws and many details are yet to be finalised.

The directive is meant to open up payments in Europe to more competition and innovation by forcing banks to hand over customer data to third parties where authorised to do so. It also aims to tighten standards for cyber security, which will be critical with so much sensitive data changing hands.

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