[{"data":1,"prerenderedAt":166},["ShallowReactive",2],{"post-what-is-psd2":3},{"id":4,"title":5,"body":6,"categories":155,"date":157,"description":148,"extension":158,"meta":159,"navigation":160,"path":161,"seo":162,"stem":163,"tags":164,"__hash__":165},"blog\u002Fblog\u002Foutput\u002Fposts\u002F2023-03-17-what-is-psd2\u002Findex.md","What is PSD2?",{"type":7,"value":8,"toc":147},"minimark",[9,16,27,36,41,44,57,61,64,67,73,76,80,83,89,96,102,108,114,120,126,130,133,141,144],[10,11,12],"p",{},[13,14],"img",{"alt":5,"src":15,"title":5},"\u002Fimages\u002F2023-03-17-what-is-psd2\u002Fpsd2.png",[10,17,18,19,26],{},"PSD2 (Payment Service Directive (derived)) is an ",[20,21,25],"a",{"href":22,"rel":23},"https:\u002F\u002Feur-lex.europa.eu\u002Flegal-content\u002FEN\u002FTXT\u002F?uri=celex%3A32015L2366",[24],"nofollow","EU law"," which regulates access to your financial data by organisations other than your bank.",[10,28,29,30,35],{},"It is critical to the growth of ",[20,31,34],{"href":32,"rel":33},"https:\u002F\u002Fdavegarry.com\u002Fwhat-is-open-banking\u002F",[24],"Open Banking"," within the EU as it mandates banks to make their customers financial data available via APIs to registered third party vendors.",[37,38,40],"h2",{"id":39},"what-is-the-purpose-of-psd2","What is the purpose of PSD2?",[10,42,43],{},"The purpose of PSD2 is to:",[45,46,47,51,54],"ul",{},[48,49,50],"li",{},"Encourage innovation and competition in retail payments",[48,52,53],{},"Improved security for payment transactions",[48,55,56],{},"Protect customer data.",[37,58,60],{"id":59},"how-does-psd2-work","How does PSD2 work?",[10,62,63],{},"Basically Open Banking lets approved companies access bank accounts with the account holders’ permission. ",[10,65,66],{},"Third party financial service providers need an account information service provider (AISP) license and\u002For a payment initiation service provider (PISP) license before they can offer Open Banking Services.",[10,68,69],{},[13,70],{"alt":60,"src":71,"title":72},"\u002Fimages\u002F2023-03-17-what-is-psd2\u002Fimage-3-1024x585.png","How does",[10,74,75],{},"PSD2 facilitates the migration of banking applications to an open innovative ecosystem.",[37,77,79],{"id":78},"technical-terms","Technical Terms",[10,81,82],{},"PSD2 introduces a number of technical terms. The diagram below shows where these terms are applicable within Open Banking",[10,84,85],{},[13,86],{"alt":87,"src":88,"title":87},"PSD2 Overview","\u002Fimages\u002F2023-03-17-what-is-psd2\u002Fimage-4.png",[10,90,91,95],{},[92,93,94],"strong",{},"PISP"," - Payment Information Service Provider. Third Party PISPs can initiate payments directly from customers payments account assuming they have the customers consent.",[10,97,98,101],{},[92,99,100],{},"AISP"," - Account Information Service Provider. AISPs can access a customers data from different banks to give an overall overview of their financial position.",[10,103,104,107],{},[92,105,106],{},"TPP"," - Third Party Payment Service Providers",[10,109,110,113],{},[92,111,112],{},"PSU"," – Payment Service Users",[10,115,116,119],{},[92,117,118],{},"ASPSP"," - Account Servicing Payments Service Provider. Financial institution holding a customer account, i.e. Bank.",[10,121,122,125],{},[92,123,124],{},"XS2A"," – Access to account",[37,127,129],{"id":128},"psd2-services","PSD2 Services",[10,131,132],{},"PSD2 regulates two popular services available already:",[45,134,135,138],{},[48,136,137],{},"Payment Initiation Services (PIS)",[48,139,140],{},"Account Information Services (AIS).",[10,142,143],{},"PIS allow customers to make online purchases without a credit card. This means that you can use a bank transfer to make a purchase without any delay.",[10,145,146],{},"AIS allows the collection of a customers financial information from different bank accounts into one location.",{"title":148,"searchDepth":149,"depth":149,"links":150},"",2,[151,152,153,154],{"id":39,"depth":149,"text":40},{"id":59,"depth":149,"text":60},{"id":78,"depth":149,"text":79},{"id":128,"depth":149,"text":129},[156],"psd2","2023-03-17","md",{},true,"\u002Fblog\u002Foutput\u002Fposts\u002F2023-03-17-what-is-psd2",{"title":5,"description":148},"blog\u002Foutput\u002Fposts\u002F2023-03-17-what-is-psd2\u002Findex",null,"d7n5oDHQ-uVMzxJ9e4hoCpip70egw1tCOvzcpk0j2ik",1779314090579]