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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.

The directive requires all EU member states to include these new rules in their national laws and regulations. How does PSD2 work? Under PSD2, banks and other account-holding institutions in the EU are required to provide APIs for licensed external services providers (so-called Third-Party Providers, or TPPs).

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 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.

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).

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.

Screen scraping means accessing the data through the customer interface with the use of the customer's security credentials. Through screen scraping, TPPs can access customer data without any further identification vis-a-vis the banks.