PSD2kröfur

PSD2kröfur refers to the requirements introduced by the Payment Services Directive 2 (PSD2) of the European Union. This directive aims to increase competition, innovation, and security in the European payments market. One of the key aspects of PSD2kröfur is the introduction of Strong Customer Authentication (SCA). SCA mandates that payment service providers implement multi-factor authentication for most electronic payments. This means that customers typically need to provide at least two independent elements to verify their identity, such as something they know (password), something they have (mobile phone), or something they are (fingerprint).

Another significant requirement under PSD2kröfur is the provision of access to account information and payment initiation services to authorized third-party providers (TPPs). This enables TPPs, with the explicit consent of the customer, to access bank account data or initiate payments on behalf of the customer. This has led to the rise of new fintech services and innovative payment solutions. The directive also sets out rules for operational and security risks management, as well as consumer protection rights related to payment services. PSD2kröfur has had a substantial impact on how payments are made and managed across the EU, requiring financial institutions and businesses to adapt their systems and processes to comply with the new regulations.