72 NEWSLETTER 2021 erning rules and rights of third-party service providers; to incentivize the protection and optimization of consumers by means of transaction security at low costs. PSD2 aimed to provide the aforementioned by introducing new rules and a framework that affect all parties of the payment transactions, primarily the banks, payment and electronic money institutions, and consumers, i.e. the entire finance sector. The most significant change is the opportunity to develop new services through the use of API’s (Application Programming Interfaces). From the perspective of financial institutions, PSD2 aims to create equal opportunity for the other players in the payment industry. Hence, payment and electronic money institutions, FinTechs, and all other institutions that may innovate using banking data will have the opportunity to offer novelties to the customers and, in addition, it also aimed to include groups of people to the financial system who otherwise do not have access to banking services. PSD2 added Open Banking or API Banking to our agenda. API’s are applications that allow user data, such as transactions in bank accounts, to be seen by third parties and, hence, provides one-point access to the shared customer platform formed; such as management of credit cards; online payments to be made by debit and credit cards; management of other payment services; obtaining investment advice from virtual assistants; wallet management for crypto currencies such as bitcoin, and management of personal finances, and also allows such services to be personalized. PSD2 paves the way for providing novel services to banking customers, and provides innovation opportunities for financial institutions and finance technology companies (FinTechs). Turkish Law Regulations Parallel to the PSD2 Regulation It can be said that the regulations introduced via Law No. 6493 correspond to the European Union Payment Services Directive (PSD1). Furthermore, in line with certain regulations of PSD2 entered into force on 13.01.2018, Law on Amendment of the Law on Payment and Securities Settlement Systems, Payment Services and Electronic
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