The Payment Services Directive version 2 (PSD2) was passed by the European Union in November 2015.
The Payment Services Directive version 2 (PSD2) was passed by the European Union in November 2015. This covered new standards for payments to be processed in Europe and involves using Application Programming Interfaces (APIs) to close the gaps that exist between customers, banks and retailers.
Rather than relying on long-winded and labyrinthine legacy IT platforms, PSD2 aims to make payments clearer, simpler and faster for all. PSD2 provides a two year period for countries across Europe to bring in the requisite legal frameworks for their banks and retailers to follow.
With twelve months to go before laws are brought in, banks and retailers must also prepare their IT systems to cope. But what are the challenges that banks will face around complying with PSD2?
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