{"id":778,"date":"2024-01-14T13:43:26","date_gmt":"2024-01-14T12:43:26","guid":{"rendered":"https:\/\/www.fintechjog.hu\/psd2-laying-the-foundations-for-electronic-payments\/"},"modified":"2024-01-14T13:43:26","modified_gmt":"2024-01-14T12:43:26","slug":"psd2-laying-the-foundations-for-electronic-payments","status":"publish","type":"post","link":"https:\/\/www.fintechjog.hu\/en\/psd2-laying-the-foundations-for-electronic-payments\/","title":{"rendered":"PSD2: Laying the foundations for electronic payments"},"content":{"rendered":"<p><b>Directive (EU) 2015\/2366 (the revised Payment Services Directive, PSD2) provides the legal basis for the further development of a more integrated internal market for electronic payments in the European Union (EU). PSD2 has created strong competition between members of the financial sector, but it has also strengthened consumer protection and induced safer payments.<\/b><\/p>\n<p><!--more--><\/p>\n<p><span style=\"font-weight: 400;\">The PSD2 Directive responded to the challenges of the times and required European financial institutions to create a standardised open access API that allows external service providers to access bank customer data and initiate payment transactions. They created open banking, created a market for third-party service providers to support the organic development of the fintech sector, clarified liability, introduced strong customer verification, and regulated settlement times, fees and charges.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The PSD2 Directive lays down rules on:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">an authorisation scheme for payment institutions, including payment institutions offering aggregation of account information and online credit transfers (&#8220;open banking&#8221;);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">transparency and information requirements (including charges) on the terms and conditions of payment services;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">the rights and obligations of payment service users and providers;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">strict security requirements for electronic payments and the protection of consumers&#8217; financial data, ensuring secure identification and reducing the risk of fraud.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">New providers in the context of PSD2, the third-party providers:<\/span><\/p>\n<p><b>( 1 ) AISP (Account Information Service Provider)<\/b><\/p>\n<p><span style=\"font-weight: 400;\">With the client&#8217;s authorisation, it accesses the client&#8217;s account details and offers the client specialised and optimised additional financial options and solutions (by exploring services offered by other banks, financial sector members or even insurance companies, online platforms).<\/span><\/p>\n<p><b>( 2 ) PISP<\/b> <b>(payment service provider)<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Based on the customer&#8217;s authorisation, the customer has access to the customer&#8217;s account details and can initiate payments from the account.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Directive (EU) 2015\/2366 (the revised Payment Services Directive, PSD2) provides [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-778","post","type-post","status-publish","format-standard","hentry","category-regulation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - 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