On 23 December 2015, the PSD2 ((EU) 2015/2366) was published in the Official Journal of the EU . PSD2 entered into force on 12 January 2016 and must be transposed by member states into their national laws and regulations by 13 January 2018. The PSD2 aims to establish a modern and comprehensive set of rules applicable to all payment services in the European Union. The target is to make cross-border payments as easy, efficient and secure as ’national’ payments within a Member State. The PSD also seeks to improve competition by opening up payment markets to new entrants, thereby fostering greater efficiency and cost-reduction. At the same time PSD2 provides the necessary legal platform for the Single Euro Payments Area (SEPA).