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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)

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 requires financial institutions to allow specific TPPs third-party access to consumer bank account data, aggregate data and payment data as prompted by the consumer.

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).

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.

What is Strong Customer Authentication? Strong Customer Authentication (SCA) is a new requirement of the second Payment Services Directive (PSD2), which aims to add extra layers of security to electronic payments.

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.