The European Union (EU) seems to be hard at work trying to create new regulations to facilitate the digital economy while still protecting the interests of customers.
Later this month, the General Data Protection Regulations (GDPR) comes into effect later this year. Being a landmark policy, it’s hogged up quite the limelight on the international stage. However, there’s another new law in the EU that deserves a round of applause: the (second) Payment Services Directive, abbreviated as the PSD2.
In a nutshell, the PSD2 aims to secure e-payments and expand the financial services ecosystem. The regulation covers payment service providers, demands strong authentication, and opens bank data to third parties.