Payment Service Directive (PSD2)

The first Payment Service Directive (PSD1) was implemented in Ireland in 2009 as the European Communities (Payment Services) Regulations 2009. The purpose of PSD1 was to assist in the development of the Single European Payments Area. (SEPA) to enhance consumer protection and promote competition in the payment market.

An updated and improved version was transposed into Irish law by the Minister of Finance on the 13th January 2018 (PSD2).

The purpose of PSD2 is to:

  • Make it easier and safer to use internet payment services,
  • Better protect consumers against fraud, abuse and payment problems,
  • Promote innovative mobile and internet payment services,
  • Strengthen consumer rights.

The transposition of PSD2 into law requires the credit union to provide members with a new Framework Contract as per regulation 78 (1) of the 2018 Regulations. Shercock Credit Union’s Framework Agreement can be viewed by clicking this link.