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PSD2 & API

  • PSD2
  • Open API
  • Strong Customer Authentication
  • FAQ

What is PSD2?

Considering rapid changes in online commerce and payment services, the second Payment Services Directive (PSD2) is designed to revolutionize and improve the openness, transparency and security of the payments industry in European Union. Here at PingPong, we are committed to provide fast and secure payments, so we are pleased to endorse PSD2 and help you to upgrade your online services.

PSD2 Objectives

•    Increase customer security — PSD2 requires Strong Customer Authentication (SCA) using multi-factor authentication in the customer authentication process, which is used to validate the identity of the user of a payment service or a payment transaction.

•    Foster competition and innovation — PSD2 regulates the access by account information service providers (AISPs), payment initiation service providers (PISPs) and card-based payment instrument issuers (CBPIIs) to payment service user (PSU) payment account data held with their account servicing payment service providers (ASPSPs). By making these services regulated, the hope is that lingering concerns about customer security and data protection can be addressed.

•    Secure communication and data exchange — Under PSD2, customers can link their bank accounts to payment related services provided by third party service providers (TPPs). Banks are obliged to allow these TPPs to securely access their customers’ accounts by using electronic Identification, Authentication and trust Services (eIDAS) certificates for electronic signatures and electronic seals. TPPs are obliged to obtain the required license and comply with the eIDAS framework.

Learn More

For more information or any other questions about PSD2, please access the Official Journal of the European Union of 23 December 2015 or websites of European Parliament and Council of the European Union: https://ec.europa.eu/info/law/payment-services-psd-2-directive-
eu-2015-2366_en