PSD2 may sound like a character from a Star Wars movie but I can assure you there's nothing fictional about this new rule.

The acronym stands for the Second Payment Services Directive, which is a continuation from the original payment service directive (PSD1) that came into force in 2007.

This revised law comes into effect on September 14th, aiming to secure e-payments and expand the financial services ecosystem.

But what does this mean for banks, businesses and customers?

Silicone Republic's Eva Short explores the directive on Today FM's Dermot and Dave, explaining how the new system requires a much tougher authentication process that includes, "something you know, something you have and something you are".

Check out Eva's chat in full by pressing the play button on screen.