PSD2

Payment Services Directive 2

PSD2 is a European Union regulation that requires banks to open their payment infrastructure and customer data to third-party providers, fostering competition and innovation in financial services.

PSD2 introduced Strong Customer Authentication (SCA) requirements for electronic payments and enabled open banking in Europe. It aims to make payments more secure and give consumers more control over their financial data.

Related Terms

Open Banking

Open banking is a system where banks share customer financial data with third-party providers throug...

API

Application Programming Interface

An API is a set of protocols and tools that allows different software applications to communicate wi...

SEPA

Single Euro Payments Area

SEPA is a payment integration initiative of the European Union for simplification of bank transfers ...

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