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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 will contribute to a variety of changes in the payments industry, including open banking, creating an integrated payments ecosystem, increasing competition with the emergence of fintechs and new entrants, and enhanced security and fraud prevention.

PSD2 specifies that consumers have the right to use any third-party provider for their online banking services. As a result, banks are mandated to provide open Application Programming Interfaces or APIs to allow software at one company to access payment account information and payment initiation from another.

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)

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.

The Payment Service Directive 2 (PSD2), also known as The Revised Payment Services Directive, is a European regulation that creates a more open, competitive, and secure payments landscape across Europe. The PSD2 provides requirements for Strong Customer Authentication (SCA).

Test certificates may be obtained by filling out the form on .digicert.com/psd2-compliance-security- solutions/. These certificates are created from a test hierarchy that must be added to the test systems' trusted root certificate store.