PSD2: a brief overview

As the Second Payment Services Directive (PSD2) becomes the new reality across Europe, here are the main changes it is driving:

External payment service providers are now better defined and regulated.
Legal entities applying for a license as a payment organization will have to provide increased documentation describing their payment security measures.
More detailed procedures for certification were included to ensure more effective communication and information exchange between EU member states.
The PSD2 directive aims to strengthen consumer rights and protection from unfair business practices.
Measures to ensure the security of payment and other data were included to protect consumer information. These measures include multi-factor client identify procedures, dynamic operation confirmation codes, personalized client access and security incident reporting.
PSD2 clearly outlines the responsibilities of each party in the transfer process.
The PSD2 directive prohibits trade and service enterprises from charging customers an additional charge for using credit or debit cards and payment services based on payment orders or payment requests.
Finally, PSD2 assigns important roles to the European Banking Regulation and Supervision Agency (EBA). These include: ensuring consistent application and interpretation of the directive, enhancing consumer protection, increasing the transparency of payment organizations and improving the quality of interactions and information exchange between EU member states.