What PSD2 Compliance Really Demands From Engineering Teams Building Open Banking

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PSD2, the EU's Second Payment Services Directive, requires banks to grant regulated third parties API access to customer account data and payment initiation services, but the engineering effort involved is far greater than a single integration task. Engineers must work across three API categories: Account Information Services (AISP), Payment Initiation Services (PISP), and Card-Based Payment Instrument Issuer (CBPII) access, each with distinct technical requirements. The regulation's technical standards are largely shaped by frameworks like the Berlin Group's NextGenPSD2 and the UK's Open Banking Standard, which define the actual API structures teams must build against. One of the most underestimated challenges is implementing Strong Customer Authentication (SCA), which mandates two-factor verification using at least two of three credential types — knowledge, possession, or biometrics. Teams building in this space must also decide early whether their product sits on the consumer or provider side of these APIs, as the two present fundamentally different engineering problems.

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