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WSO2 Open Banking complies with the following regulations: 

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PSD2

Multiexcerpt includeMultiExcerptNamePSD2PageWithExcerptKey ConceptsPSD2 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) access to customers' account information and payment initiation with the customers' permission and consent.

Some benefits of PSD2 include:

• 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.

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