What is Payment Services Directive Two?
The Payment Services Directive is a European directive for businesses who provide payment services – like banks and building societies, payment institutions, e-money institutions and their customers.
PSD2 aims to strengthen consumer protection, make payments safer and more secure, and drive down the costs of payment services.
Consumer protection
With banks and building societies, payment institutions, e-money institutions
Safer and secure payments
Issuing and using Strong Customer Authentication solutions, so authorisation can be dynamically linked to the specific amount and payee
Drive down costs
More competitive pricing for customers, to make sure new entrants – including fintech firms – can compete equally with traditional players
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