PSD2

PSD2…

When I heard that for the first time; an image of a super slick humanoid AI robot popped in my head:

But PSD2 actually stands for Payment Service Directive 2. 

Payment Service Directive 2 is a regulation for electronic payment services in Europe. The main directive of this regulation is to provide more online security for consumers. It mandates stricter authentication processes for payment service providers, often requiring two-factor authentication for added security. (kinda like another lock on your digital wallet)

PSD2 allows you the customer to grant a trusted fintech access to your bank account information. ( don’t worry!) You, the customer have complete control over what data is shared and for what purpose. Additionally, rigorous security protocols are mandated to ensure your financial information remains protected. This regulation is important in the open banking trend that is currently taking over Europe right now.

This very important regulation allows fintechs to provide better and more custom services to you the customer...