PSD2regels

The Payment Services Directive 2 (PSD2) is a European Union directive that regulates payment services and payment service providers within the European Union and European Economic Area. The rules, often referred to as "PSD2regels" in Dutch, were implemented to enhance the security of internet payments and to increase competition and innovation in the payments industry.

PSD2regels came into effect on January 13, 2018, replacing the original Payment Services Directive (PSD) from 2007. The new directive introduces several key changes, including the requirement for banks to provide third-party payment service providers with access to customer transaction data, with the customer's consent. This is known as open banking and aims to foster competition and innovation in financial services.

One of the main objectives of PSD2regels is to improve the security of electronic payments and to reduce the risk of fraud. To achieve this, the directive introduces strong customer authentication (SCA) requirements. SCA mandates that at least two out of three authentication factors (knowledge, possession, and inherence) must be used for customer verification in payment transactions.

PSD2regels also expand the scope of regulated payment services to include new types of providers, such as account information service providers (AISPs) and payment initiation service providers (PISPs). These providers must be authorized and licensed under the directive.

In summary, PSD2regels are designed to create a more secure, competitive, and innovative payments landscape in the European Union and European Economic Area. They aim to benefit consumers by providing them with more choice, better services, and enhanced security for their financial transactions.