![]() ![]() For example, merchants like 'amazon' will be able to make the payment for you without a need to be redirected to another service like VISA or Paypal. This will enable third-parties to build financial services on top of banks’ data and infrastructure. Banks will most likely make use of Application Programming Interfaces ( API's) to provide access to customer's information. Even RTS remains neutral on the technology and standards to be used for the implementation of the PSD2. On 23 February 2017, the European Banking Authority (EBA) published their final report on the draft regulatory technical standards (RTS) with clear specifications upon customer authentication and common and secure communication. This effectively will mean that bank's monopoly on their customer's accounts information is about to 'disappear' as they will be obligated to provide access to customer's accounts ( as long as the customer's consent is given, of course!). In order to improve the level playing field for playing service providers: 'Member States will have to ensure that credit institutions do not block or hinder access to payment accounts and that payment institutions have access to credit institutions' payment accounts services in an objective, non-discriminatory and proportionate manner'. Make payments safer and more secure ( PSD2 mandates a 2- factor customer authentication ).Improve the level playing field for payment service providers (including new players).Contribute to a more integrated and efficient European payments market. ![]() PSD2 directive contains 117 articles and will take effect by 2018. One of the most interesting which has driven a lot of attention is the so-called PSD2 ( Revised version of the Payment Services Directive ). The European Commission is working to unify and to create an efficient and integrated market by putting in place several initiatives aimed to harmonised current local regulations.
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