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Payment Services Directive 2

Authored by: Rahul Bansode, Associate Director – Technology, Microsoft

The Second Payment Services Directive (PSD2) is a bold step undertaken by the European Union (EU) that went into effect from January 2018. The primary objective is to integrate the payment market, promote competition between Banks and FinTech, and improve consumer protection against fraud. This white paper provides the high-level key objectives and factors of PSD2 initiatives and next steps banks can take to be competitive in this market.

The Payments Services Directive (PSD2) requires European banks to open up their banking infrastructure, process and data for third-party players (TPPs) to be able to access that data via Application Programming Interface (API) as well as to provide a new open interface for third parties to initiate payment transactions.

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