The PSD2 regulation is not "new." This is an update to the first Payment Services Directive (or PSD1), which was passed in 2007 and sought to create a single payment market in the European Union. This would help promote competition, innovation and efficiency. In short, it sought to bring about a change in the relationship between money and new technologies.
After this initial step, a new Payment Services Directive was approved in 2015. What changes does it make with respect to the previous version? The new directive, aimed at both consumers and businesses, fosters the development of a single, more integrated and efficient payment market, one in which the role of both parties is enhanced by guaranteeing easier and, above all, safer electronic payments, and in which consumers are in complete control of their money and their information.
Similarly, and in order to achieve a more integrated and unified European market for all participants, it requires financial institutions to provide information on their customers' accounts (with their prior approval) to the TPPs, with the security of their data being guaranteed.
A step forward that removes this wall that, before now, these TPPs had to break through to enter this market. The wall that kept new players from entering the game has fallen. This brings with it huge benefits to consumers, who now have available to them more payment services and options, all of them regulated by the same, familiar rules and featuring stringent security measures to protect their money and data.