In short, PSD2 enables the EU to regulate the electronic payment sector. The directive aims to create uniform market standards for all participants, boost competition and increase security. PSD2 and the German Payment Services Supervision Act (ZAG) came into force on 13.01.2018. This means that banks must provide so-called third-party providers, such as FinTechs, with suitable APIs for accessing online accounts. This way, third-party providers are able to view account information and initiate payments. In return, Account Information Service Providers and Payment Initiation Service Providers have to register with BaFin or apply for authorisation to continue providing their services now that ZAG has come into force, which includes an implementation period of 18 months (until 14th September 2019).