By now you are probably familiar with the basics of the revised edition of the Payment Services Directive (PSD2).
The set of regulations slated to replace the original Payment Services Directive (PSD), first issued in 2008, intends to create a level playing field by standardizing, integrating and improving payment efficiency across the EU. The end goal is to equalize the landscape between countries and payment providers, ultimately increasing competitiveness in the market, breaking banks’ monopoly on users’ data, all while simultaneously strengthening security for online customers.
Ultimately, PSD2 is slated to usher in a new era of “open banking,” poised to empower customers with unprecedented freedom in how they access their financial services and aimed to help merchants increase transparency, ultimately building customer trust. So what can merchants expect?
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