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PSD2 mainly introduces two new types of actors (PISPs and AISPs), regulated and supervised (by the CSSF or by another competent authority within the EU), on the payments market, which can initiate payments from or access information about PSU accounts held with another PSP (which is then designated as an ASPSP): These ...

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)

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.

While PSD1 only applies to intra-EU payments, PSD2 extends a number of obligations, notably information obligations, to payments to and from third countries, where one of the payment service providers is located in the European Union.

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.

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.

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.

Dynamic Linking Requirements The payer is made aware of the amount of the payment transaction and of the payee. Any generated authentication code must be specific to the amount of the payment transaction and the payee agreed to by the payer when initiating the transaction.