(Telecompaper) The European Council has approved the Payment Services Directive 2 (PSD2) Directive. The directive will allow the European Commission to streamline cross-border payments in the common market. It will boost competition between banks and new financial services. The European Parliament approved PSD2 in October. With the approval of the EC, the directive now become final and can be introduced in the national legislation of the different countries in the EU. Countries have two years to work the directive into their laws.