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PSC Core Agreement: Understanding the Basics

PSC Core Agreement is an important aspect of the Payment Services Directive 2 (PSD2) legislation that came into effect in the European Union in 2018. The PSD2 legislation requires all payment service providers (PSPs) to adhere to certain standards and guidelines to ensure secure and efficient payments.

The PSC Core Agreement is a standardized contract that outlines the terms and conditions for collaboration between the PSPs, payment initiation service providers (PISPs), and account information service providers (AISPs). The agreement lays down the minimum requirements for communication protocols, security, and data protection standards that must be adhered to by all parties to ensure safe and effective payment transactions.

The agreement plays a significant role in enabling open banking services, which is a system that allows third-party providers to access the financial data of customers through the use of APIs. The PSC Core Agreement ensures that all parties have access to the same information and use the same standards, leading to seamless integration and interoperability among all parties involved in payment services.

The PSC Core Agreement is designed to protect the interests of customers, ensuring that they have a secure and reliable payment system that adheres to the highest standards of data protection and security. The agreement also makes it easier for PSPs to collaborate with PISPs and AISPs, reducing the administrative burden on all parties involved in payment services.

In conclusion, the PSC Core Agreement is a crucial aspect of the PSD2 legislation that ensures a secure and efficient payment system. It lays down the standards and guidelines that all parties involved in payment services must adhere to, promoting interoperability and integration among PSPs, PISPs, and AISPs. The agreement also ensures that customers have a secure and reliable payment system that protects their data and interests.

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