PSD2, the revised EU Payment Services Directive, is an example of legislation intended to increase competition and stimulate innovations in the European payment market, while harmonizing market conditions and encouraging a level playing field. The most important element of PSD2 concerns payment account access. That is: consumers, when making an online payment, have the right to make use of new service providers.
Donald L Kohn: Monetary policy perspectives on risk premiums in financial markets Remarks by Mr Donald L Kohn, Member of the Board of Governors of the US Federal Reserve System, at the Financial Market Risk Premiums Conference, Federal Reserve Board, Washington DC, 21 July 2005.