{"id":2970,"date":"2025-10-13T11:57:31","date_gmt":"2025-10-13T09:57:31","guid":{"rendered":"https:\/\/www.betaalvereniging.nl\/en\/?post_type=btv_wiki&p=2970"},"modified":"2026-02-23T13:10:34","modified_gmt":"2026-02-23T12:10:34","slug":"psd2","status":"publish","type":"btv_wiki","link":"https:\/\/www.betaalvereniging.nl\/en\/knowledge-base\/european-legislation\/psd2\/","title":{"rendered":"PSD2"},"content":{"rendered":"\n

What is PSD2?<\/h2>\n\n\n\n

PSD2 and the detailed regulations based on it form the core of the regulation of payment service providers in Europe. The directive aims to contribute to greater competition and enhance the security of payment services. PSD2 provides greater transparency for users, contains security requirements for electronic payments, and introduces new payment services.<\/p>\n\n\n\n

The directive came into force at the beginning of 2016<\/strong>. Member States had until the beginning of 2018 to incorporate the obligations into their national legislation. In the Netherlands, PSD2 has been implemented in the Financial Supervision Act(opens in new window)<\/span> <\/path><\/svg><\/span><\/a> (Wft)<\/strong>, in the accompanying delegated regulations, and in the Civil Code<\/strong>.<\/p>\n\n\n\n

PSD2 has four main objectives:<\/p>\n\n\n\n

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  1. Contribute to a more integrated and efficient European payments market.<\/li>\n\n\n\n
  2. Increase competition between payment service providers by allowing new parties to enter the market.<\/li>\n\n\n\n
  3. Make payment transactions safer and more reliable.<\/li>\n\n\n\n
  4. To better protect consumers and businesses.<\/li>\n<\/ol>\n\n\n\n

    Two of the most important changes are the introduction of Open Banking<\/u><\/strong><\/a> and strong customer authentication (SCA \u2013 Strong Customer Authentication<\/em>)<\/strong>. With Open Banking, a regulated third party can gain digital access to a payments account after obtaining the account holder’s explicit consent. SCA \u2013 or two-factor authentication<\/a> \u2013 increases the security of online transactions by requiring the payer to identify themselves using two different factors, for example, a unique personal smartphone and a fingerprint.<\/p>\n\n\n\n

    The European Commission has published a brochure on consumer rights under PSD2. More information about banking with PSD2 can be found at DNB.<\/p>\n\n\n\n\t

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