What is a PSD2 complaint?

22 Mar 2022 By PAYCEC

PSD2 is the replacement to the EU's first Payment Services Directive (PSD), which was implemented in 2007. To foster the development of safer, more innovative payment systems, this Act established an EU single market for payments. The PSD authors also wanted to make cross-border payments within the EU as simple, efficient, and secure as transfers within a single member state.

PSD2 improves on earlier regulations in the three categories in below details:

  • Customer rights have been strengthened in areas such as complaint management, paying fees, and currency conversion.
  • SCA (Strong Customer Authentication) criteria improve security.
  • Providing a platform for new payment and account services by allowing third-party access to account information.

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