Cyber Security Terms

Payment Services Directive (PSD 2)

Edward Kost
Edward Kost
updated Nov 07, 2021

What is the Payment Services Directive (PSD 2)?

The Payment Services Directive (PSD 2) is a European directive for preventing monopolization in the banking sector.

The PSD 2 includes cybersecurity controls to ensure its baking sector multiples securely.

Key takeaways

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    All financial institutions in the European Union must comply with PSD 2.
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    Non-compliance could result in a fine of up to EUR 20.000.000 or 4% of annual revenue (whichever is greater).
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    Under the PSD 2, financial services must implement strong customer authentication policies, such as multi-factor authentication.
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