PSD2 (Revised Payment Services Directive) is an EU directive that obliges banks in the European Economic Area to provide licensed third-party providers (TPPs) with access to customer accounts via dedicated APIs—with the customer’s consent—for account information (AIS) and payment initiation (PIS). It has been in force since 2018 and is implemented in each member state’s law.

PSD2 created the legal basis for open banking in Europe: AISPs can access account data, and PISPs can initiate payments, without the TPP needing to be a bank. TPPs must be authorized or registered with a national competent authority and use strong customer authentication (SCA) where required.

The UK retained equivalent requirements after Brexit under the UK Open Banking Standard. The Open Banking Tracker lists regulations by country and links to regulators and API directories.