Technology and competition are revolutionising the provision of payment services. Long established business models are being disrupted by innovative new entrants to the market. A new payment services directive (“PSD2”) will broaden the scope of regulation of the sector.
William Fry held a seminar on The FinTech and Payments Revolution of PSD2 – Opportunities and Challenges, on Tuesday, 5 April 2016. This session was to help attendees navigate PSD2 with perspectives from William Fry and the industry. Speakers included (pictured above):
- Shane Kelleher, Partner, William Fry Financial Regulation Group and Corporate Department
- Frank Kelly, Senior Legal Advisor, Bank of Ireland
- Richard Walsh, CEO, FinTech and Payments Association of Ireland (FPAI)
- Killian Barry, Consultant, Accenture Ireland
Please click on any of the questions below for further information
- Background
- New payment service categories introduced
- Authorisation/registration process for providers of payment initiation services and account information services
- Exemptions narrowed
- Commercial agent exemption narrowed
- Limited network exemption narrowed
- Telecoms exemption narrowed
- ATM exemption
- Territorial scope broadened
- Enhanced security requirements
- Stronger consumer protection measures
- A more level playing field for credit institutions and payment institutions
- Transition phase
- Next steps
- How can William Fry assist your business?
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