Second Payment Services Directive
PSD2 (Payment Services Directive 2) is the European Union's payment services directive that made open banking mandatory, requiring banks to open API access to licensed third parties with user consent.
Adopted by the EU and applied from 2018, PSD2 defined the Account Information (AISP) and Payment Initiation (PISP) services, mandated strong customer authentication (SCA), and required banks to grant standard, secure API access to external developers. The framework became a model for open banking regulation worldwide; Türkiye's TCMB-centred framework rests on the same foundations.
PSD3 and the Payment Services Regulation (PSR), which succeed PSD2, are in the EU legislative process to strengthen API quality and data-access rights.
PSD2 is an EU directive and does not apply directly in Türkiye. However, Türkiye's open banking framework is built by the TCMB on the same principles (licensing, consent, SCA) as PSD2.
PSD2 came into application in the EU in 2018, with the strong customer authentication (SCA) rules phased in from 2019 onward.
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