* [Blog](https://www.paloaltonetworks.com/blog) * [Palo Alto Networks](https://www.paloaltonetworks.com/blog/corporate/) * [Vertical](https://www.paloaltonetworks.com/blog/category/vertical/) * PSD2: How Cybersecurity P... # PSD2: How Cybersecurity Professionals Can Prepare For the New Banking Industry Regulation [](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.paloaltonetworks.com%2Fblog%2F2017%2F06%2Fpsd2-cybersecurity-professionals-can-prepare-new-banking-industry-regulation%2F) [](https://twitter.com/share?text=PSD2%3A+How+Cybersecurity+Professionals+Can+Prepare+For+the+New+Banking+Industry+Regulation&url=https%3A%2F%2Fwww.paloaltonetworks.com%2Fblog%2F2017%2F06%2Fpsd2-cybersecurity-professionals-can-prepare-new-banking-industry-regulation%2F) [](https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.paloaltonetworks.com%2Fblog%2F2017%2F06%2Fpsd2-cybersecurity-professionals-can-prepare-new-banking-industry-regulation%2F&title=PSD2%3A+How+Cybersecurity+Professionals+Can+Prepare+For+the+New+Banking+Industry+Regulation&summary=&source=) [](https://www.paloaltonetworks.com//www.reddit.com/submit?url=https://www.paloaltonetworks.com/blog/2017/06/psd2-cybersecurity-professionals-can-prepare-new-banking-industry-regulation/&ts=markdown) \[\](mailto:?subject=PSD2: How Cybersecurity Professionals Can Prepare For the New Banking Industry Regulation) Link copied By [Lawrence Chin](https://www.paloaltonetworks.com/blog/author/lawrence-chin/?ts=markdown "Posts by Lawrence Chin") Jun 28, 2017 4 minutes [Vertical](https://www.paloaltonetworks.com/blog/category/vertical/?ts=markdown) [EU](https://www.paloaltonetworks.com/blog/tag/eu/?ts=markdown) [GDPR](https://www.paloaltonetworks.com/blog/tag/gdpr/?ts=markdown) [PSD2](https://www.paloaltonetworks.com/blog/tag/psd2/?ts=markdown) The European Union (EU) will see the General Data Protection Regulation (GDPR) and Network and Information Security (NIS) Directive go into effect in May 2018. My colleagues have already discussed these [regulations in a number of blog entries](https://www.paloaltonetworks.com/blog/tag/gdpr/?ts=markdown), so I won't dwell much further here, but I would like to dive into the revised Payment Services Directive (PSD2), another regulation for the EU banking industry that will become effective on 13 January 2018. Officially known as Directive (EU) 2015/2366, PSD2 will open payment markets for more competition, offering greater choices and better prices for consumers. In short, this will enable bank customers to use third-party providers to manage their finances. These TPPs will be able to build financial services on top of data from multiple banks. In the United Kingdom, there is an order for Open Banking that is aligned to the PSD2 in this regard. TPPs will fall into two general categories: * Account Information Service Providers (AISPs) will have access to the account information of bank customers and be able to aggregate and analyze this data for a holistic view. * Payment Initiation Service Providers (PISPs) will make payments on behalf of users from any of their accounts held across multiple banks. As TPPs will hold or process financial data, they will also face regulations to ensure appropriate measures are in place for security and confidentiality. As a case in point, the European Banking Authority (EBA) has a [consultation paper](https://www.eba.europa.eu/documents/10180/1836621/Consultation+Paper+on+the+security+measures+for+operational+and+security+risks+of+payment+services+under+PSD2+%28EBA-CP-2017-04%29.pdf) open for comment through 7 August, 2017, that specifies guidelines to address security risks for payment service providers. From the perspective of traditional EU banks, the PSD2 requires open access to their customers' account data and payment infrastructure for authorized TPPs. This will be accomplished through the exposure of application programming interfaces (APIs) to TPPs. As TPPs proliferate or gain in popularity, banks can also expect more business-to-business (B2B) traffic in terms of the total number of connections and/or data volume. Their IT capacity planning process for the network perimeter will need to account for these demands. By merely complying with the provisions of the PSD2, EU banks will face increased costs to securely enable TPP access to customer account information, increased competition for financial services and the potential loss of a channel for customer engagement. None of these can be viewed as positives by traditional banks. To combat this fate, EU banks may choose to become AISPs and/or PISPs as well. They can develop into aggregators of account information from other banks, initiate payments from those accounts and even offer additional tailored financial services based on a now-complete view of a customer's finances. This puts them in a better position to compete with new TPPs using personalized services, remain relevant with their existing customer base, and even acquire new clients in the age of open banking in the EU. With PSD2 just months away, cybersecurity professionals should approach this from one of a few angles based on where they reside. * EU bank: Understand your institution's approach to PSD2 (or Open Banking), i.e., another compliance exercise or a strategic initiative. Anticipate increased B2B traffic volume, especially if the goal is to become an AISP or PISP. Plan IT and security infrastructure accordingly to support the required API traffic and the protection of additional customer data obtained from other banks, if applicable. * Non-bank TPP: Review and comment on the EBA consultation paper to shape the risk and security requirements that will be imposed upon payment service providers. Develop plans to meet the proposed EBA security guidelines in preparation of the final version of the regulations. With access to customer account information from multiple banks, TPPs will be obligated to take steps to securely handle this data. * Non-EU financial services: Although the PSD2 applies primarily to EU institutions, it would be prudent to monitor Open Banking developments there in the event of similar regulatory actions in your own country or region. *** ** * ** *** ## Related Blogs ### [AI Security](https://www.paloaltonetworks.com/blog/category/ai-security/?ts=markdown), [Cybersecurity](https://www.paloaltonetworks.com/blog/category/cybersecurity/?ts=markdown), [Points of View](https://www.paloaltonetworks.com/blog/category/points-of-view/?ts=markdown), [Vertical](https://www.paloaltonetworks.com/blog/category/vertical/?ts=markdown) [#### Beyond Human Oversight: Adapting to the Frontier AI Era](https://www.paloaltonetworks.com/blog/2026/06/beyond-human-oversight-adapting-to-the-frontier-ai-era/) ### [Products and Services](https://www.paloaltonetworks.com/blog/category/products-and-services/?ts=markdown), [Public Sector](https://www.paloaltonetworks.com/blog/category/public-sector/?ts=markdown), [Vertical](https://www.paloaltonetworks.com/blog/category/vertical/?ts=markdown) [#### Idira Identity Security Platform Reaches FedRAMP High Milestone](https://www.paloaltonetworks.com/blog/identity-security/idira-identity-security-platform-reaches-fedramp-high-milestone/) ### [AI Security](https://www.paloaltonetworks.com/blog/category/ai-security/?ts=markdown), [Machine Identity Security](https://www.paloaltonetworks.com/blog/identity-security/category/machine-identity-security/?ts=markdown), [Vertical](https://www.paloaltonetworks.com/blog/category/vertical/?ts=markdown) [#### A Practical Guide to AI-Ready Machine Identity Governance in Finance](https://www.paloaltonetworks.com/blog/identity-security/a-practical-guide-to-ai-ready-machine-identity-governance-in-finance/) ### [Cybersecurity](https://www.paloaltonetworks.com/blog/category/cybersecurity/?ts=markdown), [Product Features](https://www.paloaltonetworks.com/blog/security-operations/category/product-features/?ts=markdown), [Products and Services](https://www.paloaltonetworks.com/blog/category/products-and-services/?ts=markdown), [Public Sector](https://www.paloaltonetworks.com/blog/category/public-sector/?ts=markdown), [Vertical](https://www.paloaltonetworks.com/blog/category/vertical/?ts=markdown) [#### Closing the Gap by Enhancing Visibility and Mitigating Risks](https://www.paloaltonetworks.com/blog/2026/04/enhancing-visibility-and-mitigating-risks/) ### [AI Security](https://www.paloaltonetworks.com/blog/category/ai-security/?ts=markdown), [Announcement](https://www.paloaltonetworks.com/blog/category/announcement/?ts=markdown), [Public Sector](https://www.paloaltonetworks.com/blog/category/public-sector/?ts=markdown), [Vertical](https://www.paloaltonetworks.com/blog/category/vertical/?ts=markdown) [#### How the National Cyber Strategy Secures Our Digital Way of Life](https://www.paloaltonetworks.com/blog/2026/03/national-cyber-strategy-secures-digital-way-of-life/) ### [AI Security](https://www.paloaltonetworks.com/blog/category/ai-security/?ts=markdown), [Product Features](https://www.paloaltonetworks.com/blog/sase/category/product-features/?ts=markdown), [Use-Cases](https://www.paloaltonetworks.com/blog/sase/category/use-cases/?ts=markdown), [Vertical](https://www.paloaltonetworks.com/blog/category/vertical/?ts=markdown) [#### Why Financial Institutions Need a Browser-First Defense](https://www.paloaltonetworks.com/blog/sase/why-financial-institutions-need-a-browser-first-defense/) ### Subscribe to the Blog! Sign up to receive must-read articles, Playbooks of the Week, new feature announcements, and more. ![spinner](https://www.paloaltonetworks.com/blog/wp-content/themes/panwblog2023/dist/images/ajax-loader.gif) Sign up Please enter a valid email. By submitting this form, you agree to our [Terms of Use](https://www.paloaltonetworks.com/legal-notices/terms-of-use?ts=markdown) and acknowledge our [Privacy Statement](https://www.paloaltonetworks.com/legal-notices/privacy?ts=markdown). Please look for a confirmation email from us. If you don't receive it in the next 10 minutes, please check your spam folder. This site is protected by reCAPTCHA and the Google [Privacy Policy](https://policies.google.com/privacy) and [Terms of Service](https://policies.google.com/terms) apply. {#footer} {#footer} Products and Services * [AI-Powered Network Security Platform](https://www.paloaltonetworks.com/network-security?ts=markdown) * [Secure AI by Design](https://www.paloaltonetworks.com/ai-security?ts=markdown) * [Prisma AIRS](https://www.paloaltonetworks.com/ai-security/prisma-airs?ts=markdown) * [AI Access Security](https://www.paloaltonetworks.com/sase/ai-access-security?ts=markdown) * [Cloud Delivered Security Services](https://www.paloaltonetworks.com/network-security/security-subscriptions?ts=markdown) * [Advanced Threat Prevention](https://www.paloaltonetworks.com/network-security/advanced-threat-prevention?ts=markdown) * [Advanced URL Filtering](https://www.paloaltonetworks.com/network-security/advanced-url-filtering?ts=markdown) * [Advanced WildFire](https://www.paloaltonetworks.com/network-security/advanced-wildfire?ts=markdown) * [Advanced DNS Security](https://www.paloaltonetworks.com/network-security/advanced-dns-security?ts=markdown) * [Enterprise Data Loss Prevention](https://www.paloaltonetworks.com/sase/enterprise-data-loss-prevention?ts=markdown) * [Enterprise IoT Security](https://www.paloaltonetworks.com/network-security/enterprise-device-security?ts=markdown) * [Medical IoT Security](https://www.paloaltonetworks.com/network-security/medical-device-security?ts=markdown) * [Industrial OT Security](https://www.paloaltonetworks.com/network-security/ot-security-solution?ts=markdown) * [SaaS Security](https://www.paloaltonetworks.com/sase/saas-security?ts=markdown) * [Next-Generation Firewalls](https://www.paloaltonetworks.com/network-security/next-generation-firewall?ts=markdown) * [Hardware Firewalls](https://www.paloaltonetworks.com/network-security/hardware-firewall-innovations?ts=markdown) * [Software Firewalls](https://www.paloaltonetworks.com/network-security/software-firewalls?ts=markdown) * [Strata Cloud Manager](https://www.paloaltonetworks.com/network-security/strata-cloud-manager?ts=markdown) * [SD-WAN for NGFW](https://www.paloaltonetworks.com/network-security/sd-wan-subscription?ts=markdown) * [PAN-OS](https://www.paloaltonetworks.com/network-security/pan-os?ts=markdown) * [Panorama](https://www.paloaltonetworks.com/network-security/panorama?ts=markdown) * [Secure Access Service Edge](https://www.paloaltonetworks.com/sase?ts=markdown) * [Prisma SASE](https://www.paloaltonetworks.com/sase?ts=markdown) * [Application Acceleration](https://www.paloaltonetworks.com/sase/app-acceleration?ts=markdown) * [Autonomous Digital Experience Management](https://www.paloaltonetworks.com/sase/adem?ts=markdown) * [Enterprise DLP](https://www.paloaltonetworks.com/sase/enterprise-data-loss-prevention?ts=markdown) * [Prisma Access](https://www.paloaltonetworks.com/sase/access?ts=markdown) * [Prisma Browser](https://www.paloaltonetworks.com/sase/prisma-browser?ts=markdown) * [Prisma SD-WAN](https://www.paloaltonetworks.com/sase/sd-wan?ts=markdown) * [Remote Browser Isolation](https://www.paloaltonetworks.com/sase/remote-browser-isolation?ts=markdown) * [SaaS Security](https://www.paloaltonetworks.com/sase/saas-security?ts=markdown) * [AI-Driven Security Operations Platform](https://www.paloaltonetworks.com/cortex?ts=markdown) * [Cloud Security](https://www.paloaltonetworks.com/cortex/cloud?ts=markdown) * [Cortex Cloud](https://www.paloaltonetworks.com/cortex/cloud?ts=markdown) * [Application Security](https://www.paloaltonetworks.com/cortex/cloud/application-security?ts=markdown) * [Cloud Posture Security](https://www.paloaltonetworks.com/cortex/cloud/cloud-posture-security?ts=markdown) * [Cloud Runtime Security](https://www.paloaltonetworks.com/cortex/cloud/runtime-security?ts=markdown) * [Prisma Cloud](https://www.paloaltonetworks.com/prisma/cloud?ts=markdown) * [AI-Driven SOC](https://www.paloaltonetworks.com/cortex?ts=markdown) * [Cortex XSIAM](https://www.paloaltonetworks.com/cortex/cortex-xsiam?ts=markdown) * [Cortex XDR](https://www.paloaltonetworks.com/cortex/cortex-xdr?ts=markdown) * [Cortex XSOAR](https://www.paloaltonetworks.com/cortex/cortex-xsoar?ts=markdown) * [Cortex Xpanse](https://www.paloaltonetworks.com/cortex/cortex-xpanse?ts=markdown) * [Unit 42 Managed Detection \& Response](https://www.paloaltonetworks.com/unit42/respond/managed-detection-response?ts=markdown) * [Managed XSIAM](https://www.paloaltonetworks.com/cortex/managed-xsiam?ts=markdown) * Observability * [Cortex XCOR](https://www.paloaltonetworks.com/cortex/xcor?ts=markdown) * [Next-Generation Identity Security](https://www.paloaltonetworks.com/idira?ts=markdown) * [Privileged Access Management](https://www.paloaltonetworks.com/idira/human/privileged-access-management?ts=markdown) * [Identity and Access Management](https://www.paloaltonetworks.com/idira/human/identity-and-access-management?ts=markdown) * [Endpoint Privilege Manager](https://www.paloaltonetworks.com/idira/human/endpoint-privilege-manager?ts=markdown) * [Identity Governance](https://www.paloaltonetworks.com/idira/human/identity-governance?ts=markdown) * [Workforce Password Management](https://www.paloaltonetworks.com/idira/human/workforce-password-management?ts=markdown) * [Agentic Identities](https://www.paloaltonetworks.com/idira/agentic?ts=markdown) * [Secrets Management](https://www.paloaltonetworks.com/idira/machine/secrets-management?ts=markdown) * [Unified Secrets Governance](https://www.paloaltonetworks.com/idira/machine/unified-secrets-governance?ts=markdown) * [Application Credentials Delivery](https://www.paloaltonetworks.com/idira/machine/application-credentials-delivery?ts=markdown) * [Vendor Privileged Access](https://www.paloaltonetworks.com/idira/human/vendor-privileged-access?ts=markdown) * [Threat Intel and Incident Response Services](https://www.paloaltonetworks.com/unit42?ts=markdown) * [Prepare for Emerging Risks](https://www.paloaltonetworks.com/unit42/prepare-for-emerging-risks/continuous-frontier-ai-defense?ts=markdown) * [Strengthen Your Defenses](https://www.paloaltonetworks.com/unit42/strengthen-your-defenses?ts=markdown) * [Build Your Security Strategy](https://www.paloaltonetworks.com/unit42/build-your-security-strategy?ts=markdown) * [Understand the Adversary](https://www.paloaltonetworks.com/unit42/threat-intelligence?ts=markdown) * [Respond to a Cyber Attack](https://www.paloaltonetworks.com/unit42/respond?ts=markdown) Company * [About Us](https://www.paloaltonetworks.com/about-us?ts=markdown) * [Careers](https://jobs.paloaltonetworks.com/en/) * [Contact Us](https://www.paloaltonetworks.com/company/contact-sales?ts=markdown) * [Corporate Responsibility](https://www.paloaltonetworks.com/about-us/corporate-responsibility?ts=markdown) * [Customers](https://www.paloaltonetworks.com/customers?ts=markdown) * [Investor Relations](https://investors.paloaltonetworks.com/) * [Location](https://www.paloaltonetworks.com/about-us/locations?ts=markdown) * [Newsroom](https://www.paloaltonetworks.com/company/newsroom?ts=markdown) Popular Links * [Blog](https://www.paloaltonetworks.com/blog/?ts=markdown) * [Communities](https://www.paloaltonetworks.com/communities?ts=markdown) * [Content Library](https://www.paloaltonetworks.com/resources?ts=markdown) * [Cyberpedia](https://www.paloaltonetworks.com/cyberpedia?ts=markdown) * [Event Center](https://events.paloaltonetworks.com/) * [Manage Email Preferences](https://start.paloaltonetworks.com/preference-center) * [Products A-Z](https://www.paloaltonetworks.com/products/products-a-z?ts=markdown) * [Product Certifications](https://www.paloaltonetworks.com/legal-notices/trust-center/certifications?ts=markdown) * [Report a Vulnerability](https://www.paloaltonetworks.com/security-disclosure?ts=markdown) * [Sitemap](https://www.paloaltonetworks.com/sitemap?ts=markdown) * [Tech Docs](https://docs.paloaltonetworks.com/) * [Unit 42](https://unit42.paloaltonetworks.com/) * [Do Not Sell or Share My Personal Information](https://panwedd.exterro.net/portal/dsar.htm?target=panwedd) ![Palo Alto Networks Logo](https://www.paloaltonetworks.com/etc/clientlibs/clean/imgs/pan-logo-dark.svg) * [Privacy](https://www.paloaltonetworks.com/legal-notices/privacy?ts=markdown) * [Trust Center](https://www.paloaltonetworks.com/legal-notices/trust-center?ts=markdown) * [Terms of Use](https://www.paloaltonetworks.com/legal-notices/terms-of-use?ts=markdown) * [Documents](https://www.paloaltonetworks.com/legal?ts=markdown) Copyright © 2026 Palo Alto Networks. All Rights Reserved * [![Youtube](https://www.paloaltonetworks.com/etc/clientlibs/clean/imgs/social/youtube-black.svg)](https://www.youtube.com/user/paloaltonetworks) * [![Podcast](https://www.paloaltonetworks.com/content/dam/pan/en_US/images/icons/podcast.svg)](https://www.paloaltonetworks.com/podcasts/threat-vector?ts=markdown) * [![Facebook](https://www.paloaltonetworks.com/etc/clientlibs/clean/imgs/social/facebook-black.svg)](https://www.facebook.com/PaloAltoNetworks/) * [![LinkedIn](https://www.paloaltonetworks.com/etc/clientlibs/clean/imgs/social/linkedin-black.svg)](https://www.linkedin.com/company/palo-alto-networks) * [![Twitter](https://www.paloaltonetworks.com/etc/clientlibs/clean/imgs/social/twitter-x-black.svg)](https://twitter.com/PaloAltoNtwks) * EN Select your language