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PSD2 is a data and technology- driven Directive that aims to drive increased competition, innovation and transparency across the European payments market, while also enhancing the security of internet payments and account access.
The core of the PSD2 regulation is the requirement for banks to grant Third Party Providers (TPPs) access to a customer’s online account/payment services in a regulated and secure way. Enabling ‘Access to Account’ (XS2A), a secure access via APIs to customer accounts and data if the account holder provides consent. This by using customer identity verification and authentication via APIs.
A time line of the documents presented by the European Banking Authority (EBA) regarding the interpretation of the Revised Payment Services Directive.
Merchant acquirers, banks, FinTech companies, and large merchants would likely have the capacity to provide such payment initiation services.
Banks, FinTech companies, and non-traditional financial services companies would likely have the capacity to provide such account information services