PSD2 Implementation

1. What does PSD2 mean?
2. When was PSD2 introduced?
3. What is PSD2 operation?
4. What are the benefits of the implementation of PSD2?

What does PSD2 mean?

Payment Services Directive 2 – an overview.

When was PSD2 introduced?

Introduction. The revised payment service directive (PSD2) is an update of the existing PSD1, which was introduced in 2007 and provided a single market for making payments in the European Union (EU).

What is PSD2 operation?

PSD2 is a European regulation for electronic payment services. It seeks to make payments more secure in Europe, boost innovation and help banking services adapt to new technologies. PSD2 is evidence of the increasing importance Application Program Interfaces (APIs) are acquiring in different financial sectors.

What are the benefits of the implementation of PSD2?

Better protection against fraud

The revised Directive builds on existing consumer protection rules to defend consumers against fraud through enhanced security requirements, including the use of strong customer authentication for electronic payments.