According to Fortune, the European Union will launch a sequel to its Payment Services Directive 2 (PSD2), which targets financial companies and hopes to “make banks and payments safer and more open by strengthening security and data portability provisions. To reduce competition and innovation in the industry." PSD2 will take effect on September 14, 2019. The new law includes banks implementing “strong customer certification”. In addition, according to previous news, PSD2 can obtain some of the functions of the banking industry, providing new payment solutions for encryption products.