The PSD2 is here. For those who don't know what that is, it's the European update to the Payment Services Directive (PSD) of December 2007. The original PSD aimed to harmonise the European payments markets and make the Eurozone behave as a Single Market. It achieved some of those objectives, but the update goes much further and was adopted in October for implementation in 2017.
The big deal in PSD2 is Trusted Third Party Account Access, which are represented by two acronymns: Third Party Payment (TPP) under the Access to Accounts (XS2A) rule. I wrote about those things back in September, and the key part of PSD2 and XS2A is the introduction of open APIs. What does this mean? I could write an article about that, but I found one that explains it well by Paul Rohan, an independent advisor on payments regulation. Here's Paul's view: