[6] The final adopted text of PSD went into force 25 December 2007 and was transposed into national legislation by all EU and EEA member states by 1 November 2009.
[2][7] The PSD contained two main sections: Each country had to designate a "competent authority" for prudential supervision of the PIs and to monitor compliance with business conduct rules, as transposed into national legislation.
[9] In October 2021 the EBA launched a public consultation on the amendment of its Regulatory Technical Standards (RTS) on strong customer authentication and secure communication (SCA&CSC) under the Payment Services Directive (PSD2) with regard to 90-day exemption from SCA for account access.
Banks then adapted to these changes which opened many technical challenges, but also many strategic opportunities, such as collaborating with fintech providers, for the future.
eIDAS-defined qualified certificates for are demanded for website authentication and electronic seals used for communication between financial services players.
PSD2 went into full effect on 14 September 2019, but due to delays in the implementation, the European Banking Authority allowed for a time extension of the strong customer authentication (SCA) until 31 December 2020.