The revised European Payment Services Directive (PSD2) & Open Banking

PSD2, often referred to as ‘Open Banking’, is designed to allow interoperability across the banking sector. It forces traditional financial institutions to open their APIs to easily initiate payments and account access for Third Party Providers (TPPs) – but only when strong and secure customer consent & permissions are present. Banks and TPPs must be able to prove customer consent, make permissions easy to share across organisations (interoperability) and must offer customers the strongest privacy mechanisms in order to maintain trust around the movement of financial data.

Trunomi’s solution for Open Banking includes Consent Management, Customer ‘My Data Portals’ and Zero-PII Data Sharing.

Open Banking flag