Dutch Central Bank Accepting PSD2 License Applications from UK Firms

The Netherlands’ central bank has begun processing applications for PSD2 licenses from UK firms looking to secure their operations against the potential repercussions of a no-deal Brexit. Banks seeking to continue to offer their services across the EU can take advantage of the revised Payment Services Directive, which came into force on February 19, 2019, in the Netherlands. De Nederlandsche Bank says it is currently dealing with up to 20 parties who want to provide payment initiation and account information services with a base in the EU member state. “In addition to the parties wishing to provide new types of services under PSD2, there is another group of parties who submitted a draft licence application,” states DNB. “This concerns UK-based parties that provide existing services (PSD2 has already been implemented in the UK), and want to apply for a Dutch licence in order to be able to continue offering their services in the European Union also after Brexit.”