GK
PUBLIC ADMINISTRATION
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Question
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Detailed explanation-1: -The PSD2 clarifies liability issues between the bank holding the account and the payment initiation service provider. In case of an unauthorised payment transaction initiated through a payment initiation service provider, the account-servicing payment service provider must refund the payment service user.
Detailed explanation-2: -PSD3 is expected to clarify the regulatory framework for Third-Party Payment Providers (TPPs) and promote the development of new and innovative payment services. It is also expected to introduce measures to prevent fraud and scams and enhance consumer protection.
Detailed explanation-3: -Put simply, Payment Services Directive Two (PSD2) is a piece of legislation designed to force providers of payment services to improve customer authentication processes and to also bring in new regulation around third-party involvement.