PSD2 (129 Procedures)

The Second Payment Services Directive (PSD2) was introduced by the European Union in 2015, with the goal of creating a more integrated and efficient European payments market. Recognizing the rapid evolution of the financial technology sector and the growing demand for innovative payment services, PSD2 aimed to break down the monopoly of traditional banks over customer account information and payment services. This forward-thinking legislation sought to foster competition, innovation, and security in the European payment landscape.

"PSD2 embodies the ethical imperative to empower consumers, fostering innovation and competition while ensuring data protection and security in the financial services landscape."

PSD2's conception was driven by the need to adapt regulatory frameworks to the digital age and empower consumers with more control over their financial data. The directive introduced the concept of open banking, requiring banks to provide third-party providers access to customer account data through secure APIs (Application Programming Interfaces). By doing so, PSD2 paved the way for new players in the financial services market, such as Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs), to offer innovative services to consumers.

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