Enacted by the European Commission, the PSD2 regulation took effect in January 2018. The aim of the regulation is to better protect consumers when they pay online, promote the development and use of innovative online and mobile payments, for example through open banking, and make cross-border European payment services less costly and safer.

The regulation obligates banks to permit customers to share their transaction data with third parties through application programming interfaces (APIs). It also enhances consumer rights in areas such as surcharging and currency conversion, and addresses enhanced security measures through Strong Customer Authentication (SCA).

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