Confirmation of funds is a service regulated by the PSD2 Directive intended to find out whether a certain customer has enough funds in their bank account when making a charge using their credit card.
The PSD2 Directive has boosted the use of APIs that improve the security and automation conditions with which payments are executed, such as BBVA Accounts PSD2, Funds Confirmation PSD2 and Payments PSD2.
A new edition of the Secure Payments & ID Congress was held on November 17, an event dedicated to analyzing the current state of collection and payment services, authentication and identification processes, and fraud security and prevention.
The PSD2 has allowed users of banking systems to share their information with third parties, which in turn opens the door for developers to personalize the user experience.
Thanks to PSD2's account aggregation services (AIS), clients can, with their consent, give third parties permission to access their data and obtain personalized services that, until now, were not possible.
Payment initiation services (PIS) are one of the most important elements regulated by the PSD2 Directive. This regulation has encouraged new players to emerge and has enhanced security and privacy in transactions.
In just one year, the second European Payment Services Directive—or PSD2 as it is better known—has created a new scenario combining innovation and security, in which banks have been progressively opening up access to their infrastructure to third parties.
On December 23, 2015, Directive 2015/2366 of the European Parliament and Council, known as the PSD2 directive, was approved, providing a new regulatory framework for the use of mobile payments, tools from non-banking institutions and enhanced security. What do these changes mean compared to the first PSD and how do they affect companies?