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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 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).

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.

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)

The core principles of the PSD2 RTS ? i.e., Strong Customer Authentication? (SCA), Secured Communication, Risk Management, and Transaction Risk Analysis (TRA) ? have been maintained, confirming the directive's security objectives.

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.