This will contribute to a wider choice of products and increased competition. One category of non-bank payment service providers is that of payment institutions. Payment institutions came into being as a result of the enactment of the Payment Services Directive,  2  4  http://ec.europa.eu/smartregulation/roadmaps/docs/2015_fisma_031_other_outside_cwp_green_paper_retail_en.pdf. BIS central bankers’ speeches  or PSD1. Among other things, payment institutions can execute payment transactions for you.
With the revised Payment Services Directive, or PSD2, the list of activities that payment institutions can carry out is being expanded to include the initiation of payments, i.e. they can initiate a payment on your behalf. They can also provide account information for accounts held at other payment service providers.