The purpose of this post is to summarize the info about Open Banking in a concise and easy to understand way.
Payment Services Directive 2 was passed almost three years ago on 25. November 2015. However, as with most European directives it had a pretty long transition period. September 2019 was the final deadline for implementing strong customer authentication (SCA).
We guess we can all agree that European directives are not the buzz topics for most people; but it so happens they are for us. Having said that, let us explain why PSD2 is something worth knowing.
Looking around, you certainly notice that we are making more and more non-cash transactions. There is a great deal of options available: debit and credit cards, mobile applications of our banks, smart watches. There is no coming back to the old days, when you always had to carry cash with you.