Topic: Open banking and payment railsBIST

PSD2

Payment Services Directive 2.

Why it matters

PSD2 matters because it changed how banks expose account interfaces, how third parties request consented access, how payment initiation is governed, and how authentication risk is handled in digital payments.

How it works

Operationally, PSD2 separates account servicing providers, third party providers, account information services, payment initiation services, customer consent, and authentication duties into a regulated workflow rather than a private screen-scraping arrangement.

Risks and pitfalls

The common pitfall is to use PSD2 as a synonym for all open banking. PSD2 is a legal and regional framework; API standards, local implementation, exemption handling, and commercial adoption can differ by market.

Regional notes

In BIST/MOEX/global comparisons, PSD2 should be used as an EU benchmark while checking local payment-services law, bank API mandates, SCA-like controls, and whether payment initiation has usable rails.

Related terms

Compare with

SCA

Build from

Open Banking

System providing third-party access to financial data through APIs.

SCA

Strong Customer Authentication.

ISO 20022

Standard for financial messaging.

API Banking

Banking services provided via APIs.

Primary sources

European Banking Authority

2026-03-15

European Banking Authority: Strong Customer Authentication

Primary source for SCA and PSD2 compliance context.

Open Banking UK

2026-03-15

Open Banking UK: API standards

Primary source for open banking permissions and recurring payment rails.

Bank for International Settlements

2026-05-04

BIS CPMI-IOSCO: Principles for financial market infrastructures

International standards for payment systems, settlement systems, central counterparties, and trade repositories.

Author

Kağan Samet Durmuş

Founder and multilingual fintech glossary editor

Reviewer

FinTechTerms Editorial Review

Editorial and source review layer

Reviewed

5/4/2026

Common questions

What does PSD2 mean?