27 de March de 2023
En este artículo:
PSD2 or “Payment Services Directive 2” is the basic standard for payments in the European Union. The reason for the 2 is that it is an update of the previous PSD1, which was, back in 2007, the first European directive on payment services.
PSD2 was approved in 2015, and contains regulations for consumers as well as for merchants and financial institutions, such as PaynoPain. The aim of PSD2 is to unify the payments market in Europe, encouraging innovation and technological development in the financial sector while improving the protection of consumers of fintech services.
European Union directives must be transposed into the national law of the member states in order to be effectively applied. In Spain, PSD2 is transposed into Spanish law by Royal Decree Law 19/2018 on payment services.
The payment services regulated in Royal Decree Law 19/2018 are as follows:
PSD2 has two main pillars: payment method innovation and security. To meet these and its innovation objectives, PSD2 develops the following:
An API (Application Programming Interface) is software that acts as a communication bridge between the bank and the various service providers (Third Party Providers) authorised by the consumer. APIs enable secure communications between all parties, guarantee the confidentiality of consumer data and certify the security of all transactions.
PaynoPain is an innovative company committed to the spirit of PSD2. As a licensed entity supervised by the Bank of Spain, PaynoPain complies with the requirements of PSD2 through the Spanish regulations transposing the standard into Spanish law.
Compliance with PSD2 regulations, as well as with PCI-DSS standards, allows PaynoPain to ensure maximum confidentiality of its customers’ and users’ data and transaction information.
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