Payment Service Directive 2 (PSD2), get ready for Open Banking with ease!
What is PSD2?
PSD2, which came into force in January 2018, regulates payment services and payment service providers throughout Europe. The goal is to allow third parties to access client data (Upon approval) to provide value-added payments and banking services. Under the implementation process, financial institutions will have to propose their open Application Programming Interface (APIs) to third-party providers (TPPs). The implementation deadline was the 14th September 2019, and although that has passed, working groups of stakeholders continue to discuss the finer technical aspects of the directive’s application. Furthermore, the work that is being carried out now will no doubt lay the foundation for future directives on Open-Banking in the EU (PSD3, PSD4, etc.).
History: Payment Service Directive
Our executive brief on PSD2 and Open Banking.
What could the new wave of competition bring to the financial sector?
API
Opium.PSD2™
Opium.PSD2™ solution integrates with your core banking platform. It is delivered as a turn-key and secured solution to any Bank, Financial Institution or ASPSP that complies with the payment service directive II, or wants to go for Open-Banking.
