[ BNPL per il Business ] PSD2, PSD3 & Open Banking – opportunities for the Fintech Market

Payment Services and Open Banking

The market for payment and financial services is rapidly evolving, driven by continuous technological innovations and significant legislative changes that are redefining the rules of the game. New technologies for web service exchange and the European PSD2 regulation are the key factors enabling the new open banking scenario.

PSD2 Regulation and Its Implications

On January 13, 2018, PSD2 (Payment Services Directive 2) came into force, introducing significant changes in the world of payment services. This European directive paved the way for open banking, a model in which banks are required to share customer data with authorized third parties, with the customer’s consent.

New Operational Methods Through Third Parties

Online account holders can now make payments or access their bank statements through digital services offered by authorized third parties, known as TPPs (Third Party Providers). TPPs are registered in a public registry of the Bank of Italy and can operate directly on current accounts, subject to specific consent from the account holders.

Account Access via Web Interfaces (APIs)

Financial institutions must ensure account access to TPPs through APIs (Application Programming Interfaces). APIs are applications that expose digital services on the web in a standardized way, meeting the needs of new business models with intuitive and easy-to-use functionalities.

Types of TPPs and Their Functions

The new entities authorized to provide payment services are:

1. Payment Initiation Service Provider (PISP): They have access to payment accounts to provide payment initiation services requested and authorized by the account holder.
2. Account Information Service Provider (AISP): They have access to payment accounts to provide aggregated account information services authorized by the account holder, even if maintained with different financial institutions.
3. Card Issuing Service Provider (CISP): They provide card payment services linked to various accounts with the ability to query third-party accounts for fund checks.

New Security Standards

PSD2 introduces new security requirements for online account access and electronic payment authorization, including Strong Customer Authentication (SCA) and the adoption of open and secure communication standards. These requirements necessitate the use of authentication certificates to identify TPPs and the services they are enabled for, in addition to encryption techniques for communications and “dynamic linking” of transactions to a specific amount and beneficiary.

Benefits of Open Banking

PSD2 ensures a “level playing field” for all market players in the payment services sector, enabling fair competition and stimulating the development of new business models, products, and services. Traditional financial institutions and TPPs operate on an equal footing in a competitive environment characterized by the interoperability of various technological platforms and a high user experience oriented towards “being digital.”

Expected Developments from PSD3

PSD3 is the next expected evolution for the payment services market, aimed at further strengthening the regulatory framework for open banking and promoting innovation in the fintech sector.

Main Innovations of PSD3

1. Greater Integration and Interoperability: PSD3 aims to improve integration between different financial platforms and increase interoperability among various payment systems. This will facilitate smoother transactions and reduce barriers between different market operators.

2. Expansion of TPP Categories: PSD3 envisages the introduction of new categories of Third Party Providers, expanding the range of entities authorized to provide payment services. This will further stimulate competition and innovation in the sector.

3. Enhanced Security: PSD3 will introduce even higher security standards, with a particular focus on data protection and fraud prevention. The adoption of advanced technologies such as artificial intelligence and blockchain could become a common practice to ensure transaction security.

4. Support for Emerging Technologies: The new regulation will recognize and support the use of emerging technologies such as cryptocurrencies and smart contracts. This will allow fintech operators to develop new and innovative services and products, expanding the range of offerings available in the market.

5. Transparency and Data Control: PSD3 will strengthen consumer rights regarding transparency and control of their financial data. Customers will have greater visibility into how their data is used by third parties and will be able to exercise stricter control over the permissions granted.


Open banking, with the introduction of PSD2 and the expected developments from PSD3, represents a significant change in the financial services sector. The integration of new technologies and increased competition foster innovation and improve the quality of services offered. Emerging regulations continue to drive the market towards greater efficiency, security, and transparency, creating a dynamic and competitive environment where consumers can benefit from a wide range of innovative products and services.


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