PSD2 became law in all 28 countries of the EU on the 13th January 2018. Banks are now required to open their customer data securely to third party payment service providers (TPPs). KAL software can help banks and TPPs become compliant.
What banks must do
One of PSD2’s requirements is that banks make it possible for TPPs to access customer data securely using Strong Customer Authentication (SCA). This makes it easier and cheaper for consumers to transfer funds and make payments. With PSD2 payments, each transaction must be explicitly authorized by the consumer using their SCA credentials. Only the consumer is able to do that – and a hacker can't replicate this process using stolen information, as the credentials are unique each time.