Payment Services Directive 2 Compliance
The Payment Services Directive 2 (PSD2) regulates online payment services and providers in Europe. PSD2 has enabled ’Access to Accounts (XS2A)’ which allows controlled access to payment accounts. XS2A allows customers to use the services of third-party providers to access account information or initiate transactions on their behalf. PSD2 gives providers a regulated, open market to compete in, while providing customers more payment options and increased security.
PSD2 goals
The following list defines some of the goals of PSD2:
- Defining third-party license types—To facilitate XS2A Account Access, PSD2 defines two types of third-party providers (TPPs), as regulated by the local financial regulator:
- Account Information Service Providers (AISPs): Service providers that aggregate and display the customer's online account information of one or more accounts held at one or more account servicing payment service providers (ASPSPs).
- Payment Initiation Service Providers (PISPs): Service providers that initiate payment transactions on behalf of the customer.
- Increasing customer security—PSD2 includes Strong Customer Authentication (SCA), which is an authentication process that validates the identity of the user of a payment service or a payment transaction.
- Increasing communication security with TPPs—PSD2 requires TPPs to use electronic Identification, Authentication and trust Services (eIDAS) certificates for electronic signatures and electronic seals. Qualified Trust Service Providers (QTSPs) issue the eIDAS certificates, further ensuring security.
Paysafecash and XS2A Implementation
Paysafecash enables Access to Account (XS2A) for TPPs through Paysafecash’s REST stack. Through Paysafecash’s reliable and proven APIs, TPPs can access the same Paysafecash systems that power all of Paysafecash’s consumer experiences.
Paysafecash provides interfaces and necessary documentation for TPPs that explain accessing a Paysafecash user’s account information, such as account balance and transaction history.