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PSD2 stands for second payment standards directive, and was issued by the EU with the intent to open access to data and services previously only available to banks. In theory, PSD2 went into effect on January 13, and should provide a clear framework for implementation. The difference between theory and practice is small in theory, but big in practice.
PSD2 is defined in a set of documents published by the EU, which are to be subsequently implemented as legislation by parliaments in EU countries and enforced by regulating bodies. PSD2 will effectively force financial institutions active in the EU to open up data and functionality previously only available to them to other parties. ZDNet turned to the experts to discuss the specifics of PSD2.