Lesson 3 · Practitioner · Global · 22 min
UK/EU PSD2 & Open Banking APIs
PSD2 roles, SCA, and how UK Open Banking standards shaped API-based competition.
Objectives
- ▸Summarise PSD2’s open-banking obligations
- ▸Explain SCA and common UX friction points
- ▸Differentiate dedicated interfaces vs fallback
- ▸Plan multi-bank aggregation product challenges
The EU Payment Services Directive 2 required banks to allow licensed TPPs access to accounts via APIs for AIS and PIS, under SCA. The UK built detailed Open Banking standards and implementation entities that became a global reference—even as EU technical standards evolve (including beyond original RTS debates).
Key terms
PSD2SCATPPDedicated interfaceOpen Banking UK