New payment services in the European Union -opportunities and risks

back to overview

Type and Duration

FFF-Förderprojekt, July 2018 until December 2019 (finished)


Chair for Banking and Financial Market Law

Main Research

Wealth Management

Field of Research

Financial Institutions


The Payment services Directive (PSD II) aims to regulate the variety of developments in the field of innovative payment products, in particular in the area of mobile and online payments. In addition, strong consumer protection rules were implemented.
The EU legislator has significantly expanded the personal scope of the Directive. Many of the providers currently operating outside the PSD 2 - (e.g. online trading platforms, technical service providers, etc.) - are covered in the Directive.This also applies to innovative internet service providers such as companies offering online banking-based payment initiation services.
Such services are regulated by PSD 2 for the purpose of consumer protection, which is why payment initiation services are considered to be providers of payment services from the date of application of PSD 2.
Such companies, like all other payment institutions, must have an appropriate license from the national supervisory authority before they can operate in the EU.
At that level, it is also clear that the economic and technical development in the area of payments services is moving away from traditional banking services.
The EU legislator has not only expanded the group of service providers subject to authorisation, but has also subjected these companies to numerous new behavioural obligations. These have a data-protection law component, a civil law component as well as several technical components.
To further investigate this topic, an interdisciplinary law-approach deems obligatory and has to cover both the "historical regime" by the PSD 1 and civil law aspects, as well as the GDPR to adress the strict Data protection law. Concerning the national law of Liechtenstein the soon to be expected ZDG (Zahlungsdienstegesetz) must be included in this research project. It's interdisciplinary approach aims at a better unterstanding of business models of payment services by examining supervisory law, civil law and business information systems (data security).

Principal Investigator


  • Forschungsförderungsfonds der Universität Liechtenstein


  • Silbernagl, R. (2019). Das Schlichtungsverfahren nach der PSD II unter Einbeziehung der aussergerichtlichen Streitbeilegungsmechanismen samt zivilprozessualen Aspekten im neuen Zahlungsdienstegesetz Liechtenstein. Spektrum des Wirtschaftsrechts, 205 - 219.

  • Silbernagl, R. (2019, 7. Mai). Beschwerdemanagement und aussergerichtliche Schlichtung nach ZDG. Zahlungsdienste im Binnenmarkt PSD II und ZDG neu, Universität Liechtenstein.

  • Silbernagl, R. (2019, 23. April). ZDG - Zivilrechtliche Bestimmungen. Forschungsgespräch LSBFR und FMA, Universität Liechtenstein.