PSD2 (Payment Services Directive 2) is a European Union regulation designed to enhance the security of payment services and promote innovative payment solutions. PSD2 allows consumers to grant permission to third parties, such as payment service providers, to securely access their banking information and process payments directly from their bank accounts. This enables faster and more convenient payment methods as well as new ways to manage personal finances.
This collaboration with Mastercard enables Paytrail to deliver seamless and innovative payment experiences that cater to the needs of both consumers and businesses. Mastercard’s established technology and expertise ensure that Paytrail’s customers can use the service with confidence.
When using Paytrail’s payment services, PSD2 compliance and Mastercard’s technology ensure that:
- Your payments are processed quickly and securely.
- You have full control over your banking information and its usage.
- You can trust that payments comply with the EU’s strict regulations.
For most payments, authorization is handled through the banks’ own services. However, some banks have implemented PSD2 payments in a way that authorization is carried out in the service provider’s system—in this case, Mastercard—using the bank’s online credentials.
When making PSD2 payments, customers are asked for permission to access account services. Learn more about the authorization process.
Mastercard processes these payments for Paytrail using Paytrail’s payment institution license and PSD2 license.