What is PSD2?
The Second Payment Services Directive gave birth to the notion of Open Banking, giving customers, third party providers and financial institutions the opportunity to connect in a novel way, develop new services, aggregate their accounts and centralize their payments. You may find more info by clicking on the link below to take you to the original legal document:
https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32015L2366&from=EN
What is the PSD2 API?
An API or an application programming interface is a set of programming code that enables data transmission between two or multiple software products between each other. Under PSD2, this software enables the sharing of payment account information between third party providers and Banks in order to provide the Account Information Services and the Payment Initiation Services to the customers.
What are the services offered to customers through the PSD2 API?
The basic services that our Bank will be offering to customers and TTP are the following:
- Account Information Services: Under PSD2, an account information service is an online service which provides consolidated information on payment accounts held by a payment service user with the Bank
- Account Aggregation, is a method that involves compiling information from different accounts from different Banks into a single point of reference, using the account information services
- Payment Initiation Services: Under PSD2 a payment initiation is a service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provide.
Consumer Rights
Find out more about your rights as a consumer from the official European Commission Leaflet:
https://europa.eu/youreuright/content/know-youreuright-4_en