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PSD2 is a Payment Service Directive (Version 2) and is a key piece of regulation related to payments in Europe and rolling out on a global scale. It aims to increase competition in the already very competitive payments sector by including new types of payments services as well as enhancing customer protection, security and choice.
Why do I need to know about it?
This piece of legislation is a significant step towards a single digital market in Europe (Cool, but still what’s it got to do with me?) PSD2 is the regulation that all payments service providers must be compliant to operate in the EU. In other words, if you are offering an account for day to day use, then you need to have Open Banking enabled on your product.
What are the implications?
It set out common legal framework for businesses and consumers when making and receiving payments within the European Economic Area. Programmes need to enable third party access via secure API’s which Pannovate can provide via our third-party provider.
Click here for the full low down on changes from UK Finance
At Pannovate, we have partnered up with SaltEdge a leader in offering open banking and secure customer authentication solutions, to offer a full end-to-end solution from SCA (Secure Customer Authentication) enabled on-boarding to a secure TPP verification system and open banking channels. Click here to read more.
Want to more information on how this could work with your business model – click here to chat with us.