Banking challenges add up: PSD2 means new data sharing rules
Many of you, no doubt, have heard of the European Union’s European Banking Authority (or EBA) directive called PSD2 (short for Payment Services Directive). These guidelines were originally published at the end of 2015. By January 2018, all member states were required to implement the regulations.
Understanding Strong Customer Authentication for EU’s PSD2
Key purposes of PSD2 include:
Opening new market opportunities for a variety of players such as online merchants, while leveling the playing field for all key stakeholders
Providing consumer transparency and consumer choice
Introducing new and more robust security practices for online payments