PSD2 Definition.

Directive (EU) 2015/2366 on payment services, applicable since January 2018: mandatory strong customer authentication (the SCA RTS, rolled out across e-commerce in 2021), access to accounts for third parties via APIs (AISP/PISP), a ban on surcharging consumer cards, and a cap on payer liability. It made open banking a regulatory obligation rather than a commercial choice.

See also

→ SCA→ Open banking→ PSD3

Where this term appears

GuideThe four-party modelGuideThe role of banksGuideMerchant, acquirer, PSPGuidePayment regulationGuideFrench fintech: an overviewGuideAgents, distributors, and banking-as-a-service: who is liable for whatGuidePayments in GermanyGuidePayments in AustriaGuidePayments in the BalkansGuidePayments in the Baltics and FinlandGuidePayments in the Netherlands and BelgiumGuideProtecting customer funds, and what happens when the institution fails

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