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PSD2

 

Payment Services Directive 2 (PSD2) is a European Union regulatory framework designed to enhance competition, security, and innovation in the European payments market. Implemented to update and expand upon the original Payment Services Directive, PSD2 introduces key provisions such as Strong Customer Authentication (SCA), which requires additional authentication steps for certain electronic transactions.

PSD2 also promotes open banking by allowing third-party providers to access customer account information with consent, fostering innovation in financial services. The directive aims to create a more integrated and secure payment environment, improve customer protection, and encourage the development of innovative payment solutions.

Compliance with PSD2 is mandatory for financial institutions, payment service providers, and businesses operating in the European Economic Area, contributing to the harmonization and modernization of payment services across the region.

 

Recommended articles:

How to Be PSD2 Compliant? A No-Nonsense Guide for Merchants

What to Expect from PSD3: Key Features and Impact

 

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