PSD2 (Second Payment Services Directive) is a European Union regulation that governs electronic payment services, aiming to enhance security, innovation, and competition in the financial sector. It came into effect on 13 January 2018 and applies to banks, fintech companies, and other payment service providers.
What are the main objectives of PSD2?
- Improve security in electronic payments.
- Increase consumer protection.
- Promote competition and innovation in the financial sector.
- Enable third-party access to banking infrastructure through secure APIs.
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