WSO2 Open Banking complies with the following regulations:
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PSD2
PSD2 is the revised Payment Service Directive, which was mandated in 2016. It stems from PSD1, which was mandated in 2009. PSD2 requires Europe's banks to give regulated third-party providers (TPPs) /wiki/spaces/OB200/pages/48629460 access to customers' account information and payment initiation with the customers' permission and consent.
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- The customers can manage their finances using third-party applications, e.g., pay your bills using social media accounts.
- More consumer choices and better online and mobile payment methods.
- More opportunities for the financial technology companies to introduce new and innovative banking services.
- Enhanced payment security.
- Ability to standardize the payment systems and impose limits on transaction fees to ensure lower costs for the consumers.
GDPR
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CDR
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Specific examples of the benefits of a CDR might include:
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