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RPS. PSD2 includes: definition of payments services, providers and activities, as well as rights and obligations of payments providers. requirements for banks to provide account information and payment initiation by third-party providers (TPPs)

The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, which replaced the Payment Services Directive (PSD), Directive 2007/64/EC) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the ...

PSD2 requires banks to implement multi-factor authentication for all proximity and remote transactions performed on any channel to protect the consumer. This obligation means using two of these three features: Knowledge: Something only the user knows, e.g., password, code, personal identification number.

PSD2 is a significant evolution of existing regulation for the payments industry. It aims to increase competition in an already competitive payments industry, bring into scope new types of payment services, enhance customer protection and security and extend the reach of the Directive.

A short overview of how the PSD2 fosters innovation, consumer protection and security Rules for third-party payment service providers. ... Clarification of liability regime. ... Enhanced consumer protection. ... No surcharges on payments covered by the Interchange Fee Regulation. ... Increased security for payment services.

Open Banking aims to give consumers more control over their data while also supporting an emerging market of new third party products and services, such as tailored price comparison websites. In simpler terms, PSD2 is the regulation that allows projects such as Open Banking to take place.

PSD2-compliance checklist Set up a Consumer Identity and Access Management (IAM or CIAM) solution. Strong Customer Authentication (multi-factor and continuous authentication) Create APIs to access transactional payment data that support: Fine-grained access control. Real-time access. Provide Access to Account (XS2A)

Put simply, Payment Services Directive Two (PSD2) is a piece of legislation designed to force providers of payment services to improve customer authentication processes and to also bring in new regulation around third-party involvement.