Adopted in 2007 and implemented in 2009, the Payment Services Directive (PSD1) aimed to create a single market for payments in the European Union, as well as provide a foundation for the Single Euro Payments Area (SEPA). Its main objective was to make cross-border payments as easy, inexpensive and secure as domestic payments.
The development of the digital economy and availability of new payment services led to the first phase of PSD2, building on the existing regulation, which was transposed into national law by member states on 13 January 2018.
Phase II of PSD2 contains new regulatory standards which become effective from 14 September 2019. It requires the new payment services and their providers (TPPs) to be registered, licensed and regulated. Furthermore, banks have to offer interfaces (APIs) to allow the TPPs to access data. Anticipated changes may involve increased competition, more choice for customers and lower prices for payment services.
HSBC Germany has launched Developer Portals designed to allow third party payment providers to develop products and services for European consumers and businesses as required by the Second European Payment Services Directive (PSD2). The Developer Portals are secure sandbox environments where developers can find the appropriate documentation and test their Application Programming Interfaces (APIs).