The second Payment Services Directive (PSD2) is an EU Directive of the European Commission that regulates payment services. The aim of PSD2 is to increase competition throughout Europe and non-bank participation in the payment industry. It obliges banks and third parties to grant access to their customers' accounts as of September 2019. They must also provide an interface for this purpose. This interface is secured by qualified website authentication certificates (QWACs). Third-party providers identify themselves to the bank as holders of a BaFin license using a qualified website certificate. The certificate encrypts communications between the bank and the payment service provider – thus securing data transmission. In addition, the bank may require the use of a qualified electronic seal (Q‑­seal) that secures the data at user level. This seal documents all requests from the service provider and protects the signed data from changes.

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