White Paper

Payment Services Directive 2 - PSD2

From duty to opportunity for a new Open Banking model

The PSD2

The range of products and services offered by the digital payments market is divided into multiple dimensions, subject to constant change.
Faced with such a dynamic context, it has become necessary for legislators to promote the development of digital payments and, at the same time, to regulate the new use cases and business models introduced by new international players, with the arrival of the revised PSD2.

Financial institutions that have long operated in the payments sector must capitalise on the mechanisms of change set in motion in the industry which require the identification of the best ways to exploit new business opportunities.

PSD2 (Payment Services Directive) is the latest directive (no. 2366) issued by the European Parliament and the Council of the European Union, directly aimed at broadening the competitive space within the European payments market, facilitating the emergence of new tools and new players in the sector. Competitive dynamics is thus set in motion, which will hopefully result in a better range of products and services available to final consumers in terms of quality and cost.

The introduction of the PSD2 changes the consolidated paradigm of the European banking market. At the customer’s request, information related to transactions and account balances will be available to third parties authorised to operate as payment institutions or EMIs (Electronic Money Institution).

The wide variety of areas in which APIs can be applied collectively make up the open banking model

Banks will be required to open up their systems to enable data sharing and enable new, more advanced methods of payment. The Directive does not explicitly indicate the technology that banks should adopt. Notwithstanding this uncertainty, however, both financial institutions and the Fintech industry share the view that APIs represent the predominant technology to be adopted.

Initiation of

Directly from the payer’s account to the recipient/ beneficiary’s account

reference data

The provision of statistics on products and of consumer satisfaction ratings


The customer’s use of the information about their identity held by the financial service providers

system access

Opportunities for payment service providers (including Banks) to connect directly to the services offered


Secure sharing of historic transaction records between the consumer and selected third parties