PSD2 Payment Services Directive is a European regulation for making electronic payment services more secure in Europe. It is aimed at boosting innovation and increasing competition by providing a level playing fields for all players. PSD2 also helps banking services adapt new technologies and is evidence of the increasing importance Application Program Interfaces (APIs) are acquiring in different financial sectors.
For consumers having multiple bank accounts this would also allow businesses, known as Account Information Service Providers, to display all their account information in one place – similar to the service offered by Mint, in the US.
PSD2 will also require stronger identity checks when paying online and while the specifics are being debated it would involve more checks than we currently have, particularly for high value transactions.
PSD2 helps banking services adapt new technologies and is evidence of the increasing importance Application Program Interfaces (APIs) are acquiring in different financial sectors.
PSD2 also prohibits the use of non-transparent pricing methods for international payments ensuring banks and brokers cannot hide costs in poor exchange rates.
Suffice to say PSD2 would go a long way in help bring down the transaction costs in any type of transactions – including the donations to charitable causes.