In this regard, the Central Bank has been engaging closely with industry to ensure the successful implementation of strong customer authentication (SCA), a Payments Services Directive (PSD2) mandate, aiming to strengthen resilience against fraud and make online payments more secure.
While PSD2 supported innovation in the payments market, in particular Open Banking, which offers bene ts to merchants and consumers, it has not yet reached its full potential as imperfections and barriers remain. The Central Bank will seek to ensure the advantages and full potential of PSD2 are achieved and will continue to actively engage with our European colleagues in this area.