Background of PSD2

Uniform Rules for All Market Participants.

With PSD2, the EU regulates the electronic payment sector. The aim of the directive is to create uniform market standards for all participants, stimulate competition and increase security. The PSD2 and its national implementation, the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz, ZAG), came into force on January 13, 2018. This means that banks must provide so-called third-party providers, such as FinTechs, with suitable APIs for accessing online accounts. This will enable third-party providers to view account information or initiate payments. In return, providers of account information services and payment initiation services must register with BaFin or apply for a permit to continue to provide their services after the ZAG comes into force, including an implementation period of 18 months (until September 14, 2019).

PSD2 Ready FTS