What is PSD2?
PSD2 stands for the Payment Services Directive 2, adopted by European Parliament. Its purpose is to improve consumer rights, promote competition in the banking sector and increase the range of services available.
More versatile banking services
PSD2 required banks to open their payment interfaces to external service providers. Now basic banking services – like viewing your account information and making payments – are no longer tied to one bank. For example, if you have accounts with other banks, you can enable OP Multi-bank Service to check their balance and account transactions on OP-mobile or op.fi (available in Finnish or Swedish for personal customers). We also offer new non-bank dependent payment methods, in addition to credit card and the online payment button.
Additional security for payment
Besides promoting the creation of new services, PSD2 seeks to make payments safer. This is why strong electronic identification is generally always required whenever you use account information and payment services – even your bank’s services. This ensures that both new service providers as well as banks comply with strict safety and data security practices that protect the customer’s identity and assets.
Impacts of PSD2 on your banking
- You can use other banks' or service providers' apps to view your account information and make payments. You can choose to use one bank's app for managing all your bank accounts even if the accounts were in different banks.
- In most cases, you will have to go through strong identification when you use account information or payment services. Your money will be safer when each bigger online purchase will require a three-step identification process.
- A consumer's liability for unauthorised card use due to minor or ordinary negligence decreased from 150 euros to 50 euros.
- Merchants can no longer charge extra fees if you pay with Visa or Mastercard.
- Banks must handle customer complaints within 15 days. For example, if your payment service was interrupted or you were charged incorrectly and make a complaint, you'll receive a reply within 15 days.
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