PSD2 is the second EU Payments Services Directive. It will lead to big changes in EU banking. Most recent regulations have harmonised EU payments. PSD2 is different. The changes are radical and it is breaking new ground. Information from a customer’s payment account is very useful. It is a vital ingredient for developing financial products. For many years, only the bank providing the account had this information. If more providers get this information, innovation and competition will increase. PSD2 cracks open this information for all providers.
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