The European Union Payment Services Directive 2 (PSD2), where PSD stands for Payment Services Directive, is what can be described as the payment services law.
ÖDED (Payment and Electronic Money Association) worked on this topic and translated the document into Turkish, and it has become an important handbook for those who want to invest or work in this area.
You can access the document from the link below.
https://oded2016.files.wordpress.com/2017/12/oded_avrupa_birligi_odeme_hizmetleri_direktifi_2.pdf
The main innovations introduced by PSD2
- Open banking: Banks are required, with the customer's consent, to share account information and the ability to initiate payments with authorized third-party providers.
- New service types: Account information service providers (AISP) and payment initiation service providers (PISP) are defined.
- Strong customer authentication: In electronic payments, customers must be authenticated with at least two of the elements of something they know, something they have and something they are.
Impact on Türkiye
PSD2 does not apply directly in Türkiye. However, payment legislation in Türkiye has taken this directive as a model on many issues. With the amendments made to Law No. 6493, payment initiation and account information services were also defined in Türkiye, paving the way for open banking practices.
Current status
In the European Union, work is under way on new regulations (PSD3 and the Payment Services Regulation) to replace PSD2. These regulations cover issues such as fighting fraud, developing open banking and strengthening consumer protection.
