PSD2

The revised Payment Services Directive (PSD2) is set to bring payments in Europe to the next stage of development; it is a data and technology-driven Directive that aims to help develop a unified payment services sector that better fosters competition, innovation and security of internet payments and account access. Major benefits around cost, convenience and speed for consumers will spread across the region.

By providing standardized access to customer data and banking infrastructure, PSD2 will lower the barriers for entry to third party providers (TPPs) and financial technology companies (fintechs) in Europe’s payments ecosystem, and it will stimulate the development of new business models and a wide range of new banking services. The growth of “push” payments directly from bank accounts and instant or real-time payments transactions are some of the major goals introduced by the new regulation.

Read more about PSD2 on European Commission website
Current state of Regulatory Technical Standards