New security requirements for online payments will come into effect in Europe in September as part of the revised Payment Services Directive (PSD2), but they are also expected to make an impact in the US and other regions of the world. The PSD2 brings two major changes to the payments industry: It mandates stronger security requirements for online transactions through multi-factor authentication (MFA) and it forces banks and other financial institutions to give third-party payment services providers access to consumer bank accounts if account holders give their consent.
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