Everybody in the European banking sector is talking about it: PSD2! But what exactly does “PSD2” stand for? PSD2 is the shortcut for “Reversed Payment Service Directive”. With worldwide challenges such as the rise of the API economy, increasing online payment frauds and unregulated new business models, it became clear very quickly that payment services within the European Union need a set of laws and regulations: PSD2!
Those regulations and laws include for example the two-factor authentication requirement to assure stronger customer authentication for online payments. Since 2019, authorised and registered payment licenses are needed for any company providing payment services within the EU and bank data has been opened up to third party providers (TPPs).
Berlin Group’s mission is to decrease complexity and costs by offering a simple, secure and harmonised way to achieve PSD2 compliance and fostering innovation. As member of the former NEXTGenPSD2 Advisory Board, we assured taking all payment stakeholders into account when defining standards aligned with the Euro Retail Payments Board. Our expertise in the banking and finance sector gave us the ability to actively contribute to meet efficient implementation, regulatory and market needs and to work on innovative products and services for banking customers.
Since March 2021, we are officially member of the newly established openFinance Advisory Board. openFinance has been founded to foster innovation even more: It will allow the enhancement of services, products and information to further improve customer experiences. We feel honoured and excited to be part of the next evolution in Banking service by challenge the openFinance standards development process to optimize and improve in a solution- as well as customer-oriented approach.
Together with Berlin Group’s openFinance Advisory Board, we want to make safe online payment possible - in a simple and innovative way.