Open Banking PSD2: The Evolution of Retail Payments
Open Banking PSD2 represents one of the most profound transformations of the retail payments market in Europe. With Open Banking PSD2, APIs, digital services, and new business models have changed the relationship between banks, fintechs, and end customers.
From PSD1 to PSD2, the industry has moved from a basic regulatory framework to the creation of a truly open ecosystem, based on secure data sharing and account access. Meanwhile, Open Banking has evolved from a simple regulatory requirement to a real market opportunity, thanks to European standards, strong customer authentication, and multi-operator platforms.
Published on January 2, 2026 – Updated and revised content for the SendApp blog, focusing on digital impacts, automation, and business models related to payments.
Open Banking PSD2: From PSD1 to Market Opening
To truly understand Open Banking PSD2 It is useful to start with the first Payment Services Directive, PSD1, introduced in 2007. This directive created a harmonized framework for payments in the SEPA (Single Euro Payments Area), opening up the market with the introduction of payment institutions and encouraging greater competition.
With the spread of e-commerce and innovative technologies, new non-banking operators have begun offering payment services via bank transfer, without requiring users to directly access their online banking. This model has raised important questions about security, transparency, and accountability, prompting European legislators to adopt more advanced regulations.
In 2015 PSD2 arrived, which gave full concreteness to the paradigm of Open Banking PSD2. The directive regulated account-based services and introduced two new key figures: Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs), strengthening competition between banks and fintechs and expanding options for consumers.
PSD2's central objective was to accelerate digitalization and innovation in payments, while maintaining high levels of security and protection for the end user. In this scenario, account data is no longer a bank monopoly, but an asset that customers can share—in a controlled manner—with other service providers to obtain added value.
Security in Open Banking PSD2: SCA and Digital Payment Protection
The typical market opening of Open Banking PSD2 This has led to the entry of new operators and services, making it essential to strengthen security measures. The directive introduced Strong Customer Authentication (SCA), a strong authentication system that requires at least two factors: knowledge (something the user knows), possession (something the user has), and inherence (something the user is).
SCA applies to access to online banking services and the authorization of electronic transactions, with the aim of reducing the risk of fraud and increasing customer confidence in digital payments. For remote payments, such as online purchases, the regulation also requires dynamic linking: a one-time code that uniquely connects the amount and the beneficiary.
This dynamic linking feature makes it much more difficult to intercept or alter payments, increasing the system's resilience to fraud. The SCA rules were defined and implemented under the coordination of the European Banking Authority (EBA), which provided technical guidelines to various market players.
To learn more about the regulatory framework on PSD2 and payment services, you can consult the dedicated page on the website’European Banking Authority and the summary of the directive on Payment Services Directive on Wikipedia.
Open Banking PSD2: AIS, PIS, API, and Multi-Operator Platform Services
The heart of Open Banking PSD2 It is represented by account-based services. The directive has recognized and regulated two main categories of services: AIS and PIS, both provided by entities that must be authorized as payment institutions and operate only with the customer's explicit consent.
AIS Services: Multi-Bank Information View
Account Information Services (AIS) allow users to view, through a single interface, the balances and transactions of accounts held at one or more banks. AISPs create advanced front-end solutions, often in the form of apps or portals, that integrate data from multiple institutions.
These services allow you to aggregate financial information, analyze spending behavior, categorize transactions, and offer suggestions for optimizing savings and budget management. For families, this translates into more informed financial management; for businesses, it translates into more accurate cash flow monitoring.
PIS Services: Innovative Payments and Automatic Reconciliation
Payment Initiation Services (PIS) allow a payment service provider to initiate a transfer directly from a customer's account, with their consent, to a merchant or other beneficiary. In e-commerce, this means payments via "pre-filled" transfer, with automatic order reconciliation.
The customer chooses their bank, authorizes the payment via SCA, and completes the transaction in just a few steps, often without having to manually enter the IBAN or amount. This model reduces errors and reconciliation time for the merchant, improving the overall payment experience.
APIs, European standards and integration complexity
From a technological point of view, Open Banking PSD2 It relies heavily on APIs (Application Programming Interfaces), interfaces that enable the secure exchange of data and commands between banking systems and third-party service providers. In Europe, groups such as Berlin Group o STET have defined technical specifications to harmonize these interfaces.
In practice, however, the heterogeneity of authentication processes, authorization flows, and data structuring has necessitated the creation of micro-integration projects specific to each bank or banking group. In Italy, uniquely in Europe, multi-operator platforms have been leveraged to connect to many banks through uniform technical methods.
These cooperative platforms have helped banks contain the high costs of implementing and maintaining interfaces, in a context where PSD2 regulations required the provision of such APIs without the possibility of direct financial returns. At the same time, ongoing regulatory updates have required additional technical and financial investments.
Open Banking PSD2: Use Cases for Individuals, Businesses, and E-Commerce
The adoption of Open Banking PSD2 It enables a series of innovative use cases that leverage the real-time exchange of information between banks and service providers, without the need for prior bilateral agreements. This expands competitive potential and fosters the emergence of new business models.
Private individuals: advanced financial management
Thanks to AIS services, users can aggregate the balances and transactions of multiple current accounts in a single app. They can also view graphical expense reports, broken down by category, receive alerts on recurring expenses, and receive tips for systematic savings.
These features transform the current account from a static tool to a dynamic money management platform, promoting more rational choices and better personal financial planning.
E-commerce: simplified payments and automatic reconciliation
For online merchants, integrating PIS services means offering customers an alternative payment method to cards and wallets, based on instant or standard bank transfers, but completely automated. The payment is pre-populated, with the correct reason and amount, and reconciliation occurs automatically based on the data sent via API.
This reduces manual errors, speeds up collections posting, and can lower payment acceptance costs, especially in B2B or high-value unit-value contexts.
Businesses and banks: integrated treasury and advanced credit scoring
For businesses, the integration between Open Banking PSD2 and ERP (Enterprise Resource Planning) or TMS (Treasury Management Systems) systems allow for an aggregate view of liquidity across multiple banks, with the ability to transfer funds between accounts based on operational needs.
On the banking side, the ability to access—via AISP—customer account data held at other institutions improves credit scoring and speeds up loan approval, reducing risk. This is particularly important for SMEs, which are often penalized by fragmented information.
The Early Years of Open Banking PSD2: Implementation, Costs, and Market Maturation
In the early years of life, Open Banking PSD2 It required significant technical implementation and organizational adaptation efforts by banks, AISPs, PISPs, and multi-operator platforms. At the same time, customers also had to familiarize themselves with new authentication flows and new service brands.
According to a recent Bank of Italy report, between 2020 and the first half of 2024, there was a significant increase in API calls (+521 TP3T in 2023) and transaction volumes (+1961 TP3T between 2022 and 2023). However, adoption by households and businesses remains marginal compared to other payment instruments.
The ratio of AIS to PIS calls remained stable at around 7:1, confirming the greater use of information services over device services. The average value of PISP transactions in B2B exceeded €2,200 in the first half of 2024 (compared to €1,400 in the same period of 2023), thanks in part to integration with ERP systems to automate payments and reconciliations.
Technical performance shows an API error rate below 5% and average response times between 600 and 700 milliseconds, with variations among individual operators but overall stability. The main critical issues remain the lack of awareness of the service among the retail public, competition from cards and digital wallets, and the lack of a clear value proposition for the end user.
Ongoing initiatives and regulatory developments towards PSD3 and PSR
The sustainable growth of Open Banking PSD2 It also depends on cooperation between institutions and market operators. In March 2023, a working group dedicated to Open Banking was created within the Italian Payments Committee (CPI), chaired by the Bank of Italy, with the participation of banks, AISPs/PISPs, and multi-operator platform managers.
At the European level, the SEPA Payment Account Access (SPAA) Scheme, developed by the European Payments Council (EPC), introduces an advanced model based on APIs and value-added services. The scheme defines roles and rules for asset holders (ASPSPs, the banks that hold accounts) and asset brokers (AISPs/PISPs that offer information services and devices).
An innovative element of SPAA is the introduction of premium services and a remuneration model, moving beyond the free basic services provided by PSD2. This approach supports the economic sustainability of the investments required by Open Banking and paves the way for Open Finance, where not only payment accounts but also other financial products become accessible via APIs.
The revision proposed by the European Commission in June 2023 includes two new acts: a Regulation (PSR) with directly applicable rules and a Directive (PSD3) for the authorization and supervision of payment and electronic money institutions, complementing the E-money Directive (EMD). The objectives: to strengthen security against fraud, improve consumer rights, and optimize the functioning of Open Banking.
The European legislator has made it clear that this is an evolution, not a regulatory revolution: a fine-tuning based on the lessons learned in the first years of application of Open Banking PSD2. The outcome of the legislative process, now in its final stages, will define the rules of the payments market for the coming years.
Open Banking PSD2: Impact on Marketing and Business
The statement of Open Banking PSD2 It's not just a matter of banking compliance: it directly impacts digital marketing, customer experience, and business models. The availability of structured account data, accessible via API with customer consent, allows for the design of personalized services and highly targeted campaigns.
For example, a company can use aggregated data (in a privacy-compliant format) to better understand customer spending habits, segment audiences by income streams or purchasing patterns, and offer relevant offers at the right time. This applies to the finance industry as well as utilities, retail, e-commerce, and subscription services.
Integrating Open Banking PSD2 With marketing automation platforms, you can automate payment notifications, due date reminders, and upsell high-value services (e.g., plan upgrades, additional insurance, premium services). In B2B contexts, the combination of transactional data and CRM allows you to monitor customer financial health and anticipate needs, preventing churn or delinquency.
From a customer experience perspective, well-designed PIS payment flows reduce checkout friction, especially for large or recurring amounts, and integrate with real-time customer support systems via chat or channels like WhatsApp Business. The goal is to transform payment from a "critical moment" to a valuable touchpoint, integrated into the digital journey.
In an omnichannel context, companies that know how to exploit Open Banking PSD2 They can orchestrate consistent messages across apps, websites, social media, email, and instant messaging, providing customers with up-to-date information on collections, refunds, due dates, and order status, reducing the burden on customer service and increasing overall satisfaction.
How SendApp Can Help with Open Banking PSD2
To seize the opportunities of Open Banking PSD2 It's essential to integrate new payment flows and account information with effective communication and automation systems. This is where SendApp comes in, a platform specializing in WhatsApp Business automation and scalable customer conversation management.
Thanks to SendApp Official, which offers access to the official WhatsApp Business APIs, businesses can connect their own payment systems based on Open Banking PSD2 with WhatsApp, sending real-time transactional notifications: PIS payment confirmations, debit alerts, deadline reminders, and order status updates.
With SendApp Agent, Support teams can manage payment requests, reconciliations, and SCA issues from a single interface, distributing conversations across multiple agents. This reduces response times and improves the customer experience at the most critical points in the payment journey.
SendApp Cloud It allows you to design marketing automation flows on WhatsApp linked to events generated by Open Banking systems: for example, automatically sending promotions after a successful payment, requesting feedback on the checkout experience, or proposing premium plans based on the customer's spending behavior.
Integrating Open Banking PSD2 With instant messaging, companies can transform data and transactions into useful conversations, guiding customers step by step and reducing the uncertainty typical of financial transactions. For businesses that handle large volumes of recurring payments or high-value B2B transactions, this means greater efficiency, fewer support tickets, and increased loyalty.
If your company is considering projects related to Open Banking, digital payments, and customer relationship automation, SendApp can be the technology partner for building conversational journeys on WhatsApp connected to your payment systems. Visit the website SendApp to request a customized consultation or a free trial of WhatsApp Business solutions integrated with the ecosystem Open Banking PSD2.
