My colleague Eduard Dobre put this article together based on the European Payments Council infographic... easy to ready version!
Origins of the Payments Services Directive (PSD and PSD2) The Payments Services Directive (PSD) was established in 2007 and created a single framework for payments and direct debit collections in the European Union (EU) – this laid the legal foundation for SEPA or the Single Euro Payments Area. Scroll ahead a few years and with the advent of #fintech, the EU came to the conclusion that an update was needed in order to include all the new actors in the market. And that’s how PSD2 came into being. Because the EU wanted to increase competition and innovation in the payments arena.