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PSD2

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The revised Payment Services Directive (PSD2) has major consequences for everyone who provides payment services or is planning to do so. This page provides information for financial professional parties that have to deal with PSD2. We refer consumers who want to know more about PSD2 to the frequently asked questions on www.dnb.nl/psd2.

Below, we list specific subjects that you can read more about on these pages for financial professional parties.

  • National and international transposition of the PSD2 rules
  • Consequences of PSD2 for incumbent payment service providers
  • New payment services under PSD2: payment initiation and account information services
  • Obtaining a licence for new PSD2 payment services
  • PSD2 and e-commerce platforms
  • Services not requiring a licence

Where can I find the national and international PSD2 regulations? 

On the 19th of February, PSD2 entered into force in the Netherlands. The Dutch PSD2 regulations can be found in the law, a General Administrative Order (algemene maatregel van bestuur – Amvb) and in the Exemption Regulation under the Wft (Vrijstellingsregeling Wft).

Various international bodies have also drawn up detailed rules under PSD2. The European Banking Authority (EBA) has compiled a number of Guidelines and regulatory technical standards (RTS) to further substantiate PSD2. Payment service providers must comply with these rules, although not all of them have yet entered into force. Below is a link to an overview of all Guidelines and RTSs, including their effective dates.

Various international bodies have also drawn up detailed rules under PSD2. The European Banking Authority (EBA) has compiled a number of Guidelines, Opinions en Q&A’s. Furthermore the European Committee has compiled a number of Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS). These are important for payment institutions.

The EBA Q&As are available for consultation on the EBA's website, and you can check them first to see if your question may have already been answered. If that is not the case, you can submit your question directly to the EBA through the following link. Via the same link you can also register for an alert service, to keep abreast of all Q&As regarding PSD2 and relevant European secondary legislation.

Further information:

What is new for payment service providers under PSD2? 

PSD2 introduces two new regulated payment services: payment initiation services (initiating an online payment order), and account information services (online services to provide consolidated information on one or more current accounts). Under PSD2, banks must allow these new payment service providers access to payment accounts, subject to the account holders' consent.

PSD2 also imposes new requirements on existing payment service providers. Examples include new rules on sound and ethical operational management. PSD2 introduces new requirements for licence holders. Certain shareholders of licence holders will have to apply for a declaration of no-objection (DNO).

Further information:

How do I apply for a PSD2 licence? 

You can submit an application for a licence to operate as a payment service provider to DNB. You must submit your application through our Digital Supervision Portal. You can access the portal and the notes to the application form through the following link:

Please note that you need eHerkenning to be able to access the portal. Consult the eHerkenning website for more information.

Further information:

Does PSD2 also apply to electronic trading platforms? 

E-commerce platforms that also wish to provide payment services must hold a licence to do so once PSD2 is implemented in the Netherlands.

Which services do not require a licence? 

Some activities are not subject to a licence requirement but are subject to a registration requirement (e.g. in the case of limited networks) or a notification requirement (e.g. in the case of telecom services).

What is the supervisory regime for PSD2?

In the Netherlands, four supervisory authorities are responsible for supervision under PSD2:

  • DNB is the prudential supervisor, and issues licences to banks, payment institutions and electronic money institutions. DNB supervises the financial position of banks, payment institutions and electronic money institutions, secure access to bank accounts, risk management and authentication (i.e. how your identity is verified by the bank and how you can give permission for access to your bank account).
  • The Authority for Consumers & Markets (ACM) supervises access to payment systems, payment account services and the charges for the use of payment instruments.
  • The Dutch Authority for the Financial Markets (AFM) is the conduct supervisor, and supervises the conduct of payment institutions and banks towards customers.
  • The Dutch Data Protection Authority is responsible for the supervision of data protection under the General Data Protection Regulation.

The supervisory authorities are cooperating as much as possible and have concluded agreements for this purpose. The agreements between the AFM and DNB and between the Dutch DPA and DNB have been laid down in covenants and protocols.