Almost everyone comes into contact with the banking sector nowadays. In recent years, we have seen a significant boom in banking applications and the associated increase in payments via smartphones and online banking. Along with this trend, the number of frauds and risks is growing significantly. Therefore, in an effort to strengthen the security of the banking sector, the European Union has come up with the PSD2 directive.
What is PSD2?
PSD2 is the EU's second directive on payment services. It follows on from the previous poorly defined PSD, which included, for example, different fees in Member States or a lack of standardisation of payment services and security systems. The revised PSD2 has helped to address previous shortcomings and has had a significant impact on the banking sector and third parties. It brought, among other things, the requirement for strong customer authentication or multibanking.
Why do we need PSD2?
PSD2 brings with it many benefits for both banking or financial institutions and third parties. If your organisation is PSD2 compliant, you can bring greater convenience to your clients, but especially security, which is almost crucial for clients these days, especially in the banking and financial sector.
If your organisation is PSD2 compliant, we can provide audit work and verify the correct setup of PSD2 requirements. If you would like to bring your organisation into PSD2 compliance, we can help you with the full A to Z implementation process