the offering of transaction and device monitoring to identify unusual payment patterns.the issuance and use of strong customer authentication solutions, allowing for authorisation to be dynamically linked to the specific amount and payee.Nevertheless, in the interest of their own security, all payment service providers are strongly encouraged to fulfil the requirements of the regulatory technical standards as soon as possible. Thus, there is a transition period during which payment service providers can already provide their services under the PSD2, but are not yet legally required to implement the respective security measures. The regulatory technical standards were published in the Official Journal of the European Union on 13 March 2018 and apply as of 14 September 2019. The three documents were developed by the European Banking Authority in close cooperation with the ECB and payment service providers must comply with all of them. The PSD2 is supplemented by regulatory technical standards on strong customer authentication and common and secure open standards of communication, as well as guidelines on incident reporting and guidelines on security measures for operational and security risks. In other words, the PSD2 supports innovation and competition in retail payments and enhances the security of payment transactions and the protection of consumer data. The main objectives of the PSD2 are (i) to contribute to a more integrated and efficient European payments market (ii) to further level the playing field for payment service providers by including new players (iii) to make payments safer and more secure and (iv) to enhance protection for European consumers and businesses. The PSD2 entered into force on 12 January 2016 and EU Member States were given until 13 January 2018 to transpose it into national law. The revised Payment Services Directive (PSD2) updates and enhances the EU rules put in place by the initial PSD adopted in 2007.
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