![]() Explicit consent is required from the payer for a transaction to be executed. Account-servicing payment service providers cannot deny access to the accounts they hold unless the third-party payment service provider is unauthorised or if there is a suspicion of fraud. Member States must ensure that account-servicing payment service providers are not blocking or obstructing the use of payment initiation and account information services for the accounts they hold. The PSD2 sets rules for access to payment accounts for third-party payment service providers. It authorises the relevant authorities to monitor and supervise their activities. The PSD2 requires that all such third-party payment services providers be authorised and regulated. issuance of card-based payment instruments by third-party payment service providers that request confirmation of the availability of funds from the payment service provider servicing the account.account information services, which give consumers and businesses an overview of their financial situation by consolidating information across the different payment accounts they may have with one or more payment service providers. ![]() payment initiation services, which help consumers make online payments and inform the merchant immediately of the payment initiation, allowing for the immediate dispatch of goods or immediate access to services purchased online.In particular, the PSD2 covers the following three types of services: The PSD2 opens up the EU payments market to third-party payment service providers offering services based on access to information from the payment account. The aim is to reach a market agreement on one technical specification so that all systems across Europe could ultimately be based on one or a few technical API standards.Ī short overview of how the PSD2 fosters innovation, consumer protection and security Rules for third-party payment service providers an application programming interface, API) which makes it possible to identify third-party payment service providers in a secure way and secures all related communication between all parties involved. the provision of a standardised and reliable access interface to payment accounts (i.e.the offering of transaction and device monitoring to identify unusual payment patterns.the issuance and use of strong customer authentication solutions, allowing for authorisation to be dynamically linked to the specific amount and payee.Nevertheless, in the interest of their own security, all payment service providers are strongly encouraged to fulfil the requirements of the regulatory technical standards as soon as possible. Thus, there is a transition period during which payment service providers can already provide their services under the PSD2, but are not yet legally required to implement the respective security measures. The regulatory technical standards were published in the Official Journal of the European Union on 13 March 2018 and apply as of 14 September 2019. The three documents were developed by the European Banking Authority in close cooperation with the ECB and payment service providers must comply with all of them. The PSD2 is supplemented by regulatory technical standards on strong customer authentication and common and secure open standards of communication, as well as guidelines on incident reporting and guidelines on security measures for operational and security risks. In other words, the PSD2 supports innovation and competition in retail payments and enhances the security of payment transactions and the protection of consumer data. The main objectives of the PSD2 are (i) to contribute to a more integrated and efficient European payments market (ii) to further level the playing field for payment service providers by including new players (iii) to make payments safer and more secure and (iv) to enhance protection for European consumers and businesses. The PSD2 entered into force on 12 January 2016 and EU Member States were given until 13 January 2018 to transpose it into national law. ![]() The revised Payment Services Directive (PSD2) updates and enhances the EU rules put in place by the initial PSD adopted in 2007. ![]()
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