The EU Payment Services Directive 2, in force since 2018, which created the legal basis for open banking in Europe.
It obliges banks to give licensed third parties access to payment accounts with the customer's consent, introduced the AISP and PISP licence categories, and imposed strong customer authentication on electronic payments.
PSD2 does not apply in Switzerland, which is not an EU member. Swiss banks open their interfaces by commercial agreement rather than legal obligation.
What comes next: PSD2 is being replaced by a package of two texts, the PSD3 directive and the directly applicable Payment Services Regulation (PSR). Co-legislators reached political agreement in November 2025 and the parliamentary committee approved the texts in May 2026, but formal adoption and publication were still pending, so PSD2 remains the operative framework. Application is expected around 21 months after publication.
