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PSD2 brought changes to online payment and more versatile services

New payment services legislation entails plenty of useful improvements.

What is PSD2?

The abbreviation PSD2 refers to the Payment Services Directive 2, a directive adopted by European Parliament that seeks to improve consumer rights, promote competition in the banking sector and thereby increase the range of services available for customers.

You have PSD2 to thank for these

Due to PSD2, some services provided by banks traditionally are no longer tied to a specific bank but customers can, if they wish, check the balance and account transactions of their accounts with other banks on OP’s online service. Such services include OP Multi-bank Service, which enables the viewing of your possible accounts with other banks on OP-mobile or the op.fi service.

It is expected that the adoption of PSD2 will create new payment methods independent of the bank alongside the current credit card and the online payment button. In addition to banks, services can in future be provided, for example, by large companies representing other industries or smaller FinTech players.

Additional security for payment

PSD2 legislation’s objective is secure payment. For this reason, so-called strong electronic identification is generally always required when using account information and payment services – also on the bank’s own services. This is how legislation ensures that not only the new service providers but also the banks comply with strict security measures and data security practices so that the customer’s identity and assets remain protected.

These changes ease your day-to-day life

You have the following options thanks to PSD2:

  • You can use the applications of other banks and service providers to manage your accounts and make payments, if you want. For example, you can opt to use the application of one bank for managing your all your bank accounts even if the accounts were in different banks.
  • You can rely on strong authentication being applied to you when you use account details and payment services. Thus, your money will be more secure as online purchases may require a three-step identification process.
  • A consumer’s liability for card abuse in the case of minor or ordinary negligence decreased from 150 euros to 50 euros.
  • Merchants may no longer charge extra fees for Visa or Mastercard payments.
  • Banks shall handle customer complaints within a 15-day period. Thus, if your payment service was interrupted or, for example, you were charged incorrectly and make a complaint, you’ll be contacted within 15 days.

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