PSD2

Revised Payment Services Directive regulation.

Definition

PSD2 (Directive EU 2015/2366) requires banks to open accounts to Third-Party Providers (TPP — AISP, PISP) via standardised APIs, transposed June 2018. SCA (Strong Customer Authentication) mandatory since September 2019. EBA RTS 2018/389 technical standards. Open frameworks: STET (FR), Berlin Group NextGenPSD2, Open Banking UK.

Origin

Adopted by European Parliament in 2015, mandatory transposition January 2018 (full SCA effect September 2019).

Example in context

An AISP fintech accesses accounts via a Deutsche Bank NextGenPSD2 API, after OAuth 2.0 + SCA push notification.

Related terms

• PSD3 — successor.