What is the PSD2 directive and what does it provide for?
The PSD2 framework (Payment Services Directive 2) is the new Payment Services Directive, which was incorporated into Greek Law by force of L. 4537/2018.
The objective of Directive 2015/2366 / EU is the enhancement of the security and speed of electronic transactions and the regulation of new payment services. Cross-border transactions are facilitated so as for the services provided to be more transparent and secure for users and to enhance competitiveness and innovation. The provisions of the Law apply to payment services provided within the European Economic Area (EEA).
Banks are called on to adapt their systems and terms of service to the new provisions of L. 4537/2018, in order to serve the customers with innovative and secure electronic solutions.
According to PSD2, banks will provide APIs to Third Party Providers (TTPs), such as FinTech companies, application makers and startups, allowing secure online banking communication and certification.