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