In January 2018, the European Union’s Revised Payment Service Directive will go into effect. The impact of this directive should be completely transparent for users of banks and other financial services, but in the background, businesses are busy at work making sure they are compliant. So what does this mean?
PSD2 includes provisions to
In short, PSD2 allows a payment service user to have an overview of their financial situation on demand, have aggregated online information on payment accounts – like transaction data - held with other payment service providers, all within a secure environment and with strong customer authentication.
The simple answer to the how of PSD2 compliance is with APIs. APIs make it simple to include robust security and user authentication, to quickly design & deploy APIs that suit your business, and to manage the APIs your team has created.
To find out more about how APIs can help, download our White Paper here.