What is PSD2?
The Payment Services Directive (PSD2) is a set of regulations to further develop the EU electronic payments market. PSD2 aims to remove obstacles for companies seeking to offer payment services. It also requires banks to provide standardised access to customer bank account information and to initiate payments at the request of third-party payment service providers.
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What does PSU mean?
The Payment Service User (PSU) is the end-user of payment services.
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What does TPP or TPPSP mean?
Third-party providers (TPP) or third-party payment service providers (TPPSP) are the Account Information Service Provider (AISPs) and Payment Initiation Service Providers (PISPs) used by customers and banks during the payment process. The operations of these providers are situated between those of the consumer and the consumer’s bank.
What does SCA mean?
Strong Customer Authentication (SCA) is a method of providing additional verification during the check-out flow. It increases the security of electronic payments through multi-factor authentication. SCA is highly effective at stopping fraud.
What does eIDAS mean?
Electronic Identification, Authentication and Trust Services (eIDAS) is a framework for electronic identification and trust services in the European Single Market. In the PSD2 context, eIDAS sets the standards for Strong Customer Authentication (SCA) for remote payments.
What is IBAN?
IBAN stands for International Bank Account Number (IBAN). It is an internationally agreed system of bank account identification in EU countries, Norway, Switzerland, Liechtenstein and Hungary. IBAN makes cross-border payments easier and faster to process.
What does CBPII mean?
A Card Based Payment Instrument Issuer (CBPII) is a payment service provider that issues card based payment instruments that can be used to initiate payments from a payment account.
What does COF mean?
Confirmation of Funds (COF) is a service that allows a third-party provider to check if the necessary funds are available on a payer’s bank account. Payers have to give their explicit consent before this service can be used.
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