What is PSD2?
The Second EU Payment Services Directive (PSD2) will make Internet payments safer from 14 September, requiring a stronger Customer Authentication Procedure (SCA). From this point on, customers will have to confirm their payments in an online shop with another factor (two-factor authentication).
For example, with a fingerprint in the online banking app of their house bank or an additional TAN.
PSD2 builds on the previous legislation in the following three areas:
1) Increased customer rights in areas including complaints handling, new rules on surcharging and currency conversion
2) Enhanced security through SCA (Strong Customer Authentication) criteria
3) Enablement of third-party access to account information providing a framework for new payment and account services.
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