What is PSD2?

Second Payments Directive (PSD2) is the new European regulation in the area of payments and is aimed at ensuring that payments across the European Union are secure, easy and efficient with the focus of enhancing consumer protection, promoting innovation and improving the security of payment services across the EU. 

The revised directive aims two main objectives:

• Implementation of Open Banking
• Implementation of Strong Customer Authentication (SCA) with every electronic payment (unless out of scope or an exemption can be applied)