Times when we paid cash for goods and services are slowly coming to an end. At the same time, we buy more things in online stores than ever. Because of all this, it is necessary to deliver convenient and ever more modern payment solutions for demanding Clients. A European directive PSD2 provides a response to those challenges. It aim is to enhance the innovativeness and competitiveness of the payment market so as it is as consumer-friendly as possible.
What does a mysterious abbreviation PSD2 stand for?
PSD2 is an abbreviation of Payment Services Directive 2, that is Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.
It obliges banks to enable Third Party Providers (TPP), for instance other banks, fintechs, payment operators, to access the accounts of their Clients. A Client must each time consent to this.
Such assumptions require specific solutions, and for this purpose the directive:
- Regulates new financial solutions, introduces uniform legal frameworks in the payment market, enhances competitiveness between financial entities
- Improves payment security standards by introducing the so-called strong customer authentication
- It implements the concept of the so-called “open banking”, or opening the banking services market to third parties (the so-called TPP, Third Party Providers) providing payment services
- It ensures better protection of consumers and their data.
What all this means for me as a bank’s client
Citi Handlowy has adjusted to the standards introduced by the PSD2 on an ongoing basis, some of them may be observed now:
- A shorter time for considering complaints on payment services and refunding money in the case of unauthorized transactions.
- A lower amount of liability for transactions which were executed without you being aware of it – from EUR 150 to EUR 50.
- - A new manner of charging additional fees for transfers to be executed within the European Economic Area.
In the near future you will also experience:
- The so-called strong customer authentication (SCA). Soon all transactions in the Internet will have to be executed by means of Citi Mobile Token, which will considerably enhance the security of your funds.
- Introduction of safer logging – every 90 days we will ask you to carry out the strong authentication procedure by means of Citi Mobile Token or one-time text message code.
For more information please visit:
Citi Handlowy - Dyrektywa PSD2 i otwarta bankowość
Citi Handlowy - Dyrektywa PSD2 i otwarta bankowość
