I thought it would only ruin the Summer. But it's taken me until Autumn to get my head around the European Commission's plans for a new Payment Services Directive, or 'PSD2' (nope, that's not the train). I'm told that leaves falling from the local trees is purely coincidental and not some kind of arboreal reaction to the complexity.
At any rate, my review of the proposals is now up on the SCL website, along with my earlier article on how card acquiring really works.
If you receive payments by direct debit or you operate an online marketplace, gift card programme, loyalty scheme, mobile/digital wallet, bill payment service, telecoms network, payment initiation service, account information service or a small payment institution you should be particularly concerned. Existing institutions will need to work carefully through the detail.
All will need to take the time to explain to the Commission how their services actually work, and how the regulations might unduly constrain innovation and competition.
The Commission aims to get the changes adopted by Spring 2014, and Member states will have two years to implement. The Commission is giving itself a further five years to review its effectiveness, so it will be along time before we have another opportunity to rectify the mistakes...
Image from EuropeanBusinessReview.