The Payment Services Directive (PSD) is a regulation designed to help tackle the problems of money laundering. It regulates the secondary markets for payment cards and gives financial institutions guidance on how to avoid money laundering and terrorism financing (MTL). Banks and other financial institutions can only deal with payments made on behalf of third parties. This means that there aren't any payment intermediaries or funds market participants involved in a transaction.

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Payment Services Directive (PSD2) was approved by the European Parliament and a new era in banking started. With PSD2, the EU will create a single market for payments, bringing European banks in the same sandbox, communicating via open APIs. We at Peppertype are happy, because we are living our mission: Helping companies communicate better via automated content. In this blog, we will try to explain to you what the PSD2 directive is and why companies should care.

The new EU legislation on Data Privacy is set to have a profound impact on how companies manage consumer data. It is set to affect the daily operations of any business that collects consumer data. Known as the "PSD2 Directive", companies that fail to comply with the new rules could face fines up to €20 million or 4% of their global turnover.