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?
About the Author
Stephen Singam is Managing Director of Security Research at Distil Networks. He's a veteran Information Security & Technology Management professional with extensive experience in the Financial Services, Healthcare, Media & Entertainment and Cybersecurity Consulting industries, having held senior cybersecurity positions at Hewlett Packard (Asia Pacific & Japan), Commonwealth Bank of Australia (Sydney), 20th Century Fox/News Corporation (Los Angeles), Salesforce.com (San Francisco), IBM Corp (New York City & Singapore) and Nokia (Helsinki, Finland).More Content by Stephen Singam