By Anna Fedorova
PSD2 was intended to revolutionize the world of transactions by allowing banks’ customers to use third-party providers to manage their finances, placing an obligation on banks to offer these third-party providers access to customer accounts, with permission, through open application programming interfaces (APIs).
The European Commission’s aim was to improve innovation, reinforce customer protection, and improve the security of internet payments and account access within the EU and European Economic Area, as well as promoting competition in the market by breaking the stronghold of incumbent banks.
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