The second Payment Services Directive (PSD2) is a data-driven legislation introduced by the European Union (EU) in 2015, with which all payment service providers (PSPs) throughout the EU and beyond must comply. PSD2 expands the scope of 2007's PSD, a directive implemented to make payments across borders as easy, secure and inexpensive as domestic payments. However, a short eight years later, innovations in technology and the prevalence of fintech have created new challenges for the payments industry to address.