Over the past three decades, we have witnessed great technological changes in the financial services world and we've seen regulators struggle to keep up with them. For example, electronic payment service providers such as PayPal (later acquired by eBay) took on the challenge of facilitating global online payments. PayPal's offering was simple: a user-friendly online payment service that would act as an alternative to traditional paper payment methods such as checks and money orders, as well as to expensive electronic transfer methods. This was a major breakthrough for online users and merchants, but it proved to be a headache for regulators.
Download this whitepaper to learn about PSD2 and its intention to enhance transparency, to facilitate new payment services methodologies, and to help provide lower costs through competition by easing entry to the payment services market.