The Revised Payment Services Directive (PSD, Directive 2007/64/EC, replaced by PSD 2, Directive (EU) 2015/2366) is an EU Directive, administered by the European Commission to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA). PSD2 aims to increase pan-European competition and participation in the payments industry also from non-banks, with a view to provide more useful, secure and value-for-money services to consumers.
Budgeting apps, price comparison websites for financial products, and loan providers can help you find a better deal by using the data that your bank already holds for your payment accounts (deposit accounts, credit cards, debit cards & prepaid cards). You can use PSD2 to authorise your bank to securely share read-only access to your account history with authorised companies, like Verge.Capital. Don’t want to share? You don’t need to do anything. PSD2 is opt-in only.