What is PSD2 and how does it affect online banking?
An example of an AI chatbot conversation about understanding PSD2 and its impact on banking.
What is PSD2 and how does it affect online banking?
PSD2, or the Revised Payment Services Directive, is a European regulation that enhances consumer protection and promotes innovation in online banking.
What are the main changes introduced by PSD2?
The main changes include stronger customer authentication, increased transparency in fees, and the introduction of third-party payment services.
How does PSD2 improve security for online transactions?
PSD2 mandates strong customer authentication, requiring two forms of verification, which significantly reduces fraud risk.
What are third-party providers in the context of PSD2?
Third-party providers are companies that can access bank customers' data with their consent, enabling new payment services and financial products.
Can you give examples of services that use PSD2?
Sure! Examples include account aggregation services, payment initiation services, and budgeting apps that connect to bank accounts.
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