The first Payment Services Directive (PSD) was introduced in 2009. The aim was to create a more efficient market for payment services in Europe.
In 2018, new rules were introduced when the second Payment Services Directive came into force. The PSD2 rules are intended to strengthen your protection as a consumer. They are also intended to make payments in Europe more efficient, secure and simple.
How does PSD2 affect me as a customer?
PSD2 applies to several areas of payment services. Under PSD2, you can share your account information with other approved companies, known as third-party providers. You can also make payments through them.Third-party providers are authorised companies, such as banks. They can retrieve your account information from Handelsbanken and offer payments from your account. This can only happen if you have approved it. To offer these services, the company must be authorised by the Swedish Financial Supervisory Authority, or by a similar authority within the EU or EEA.
PSD2 also means that the excess for consumers in the event of an unauthorised payment or transaction is reduced from SEK 1,200 to SEK 400. If you discover that a payment has been made incorrectly, or that an unauthorised payment or transaction has been made from your account, you should contact the Bank and report the error. The Bank will then investigate the matter and refund the amount as soon as possible.
Increased security requirements for payments
PSD2 also means increased security requirements for certain payments. One aim is to reduce the risk of fraud.
This means that you may sometimes need to identify yourself when making a payment. This is called strong customer authentication and means that the Bank checks that the right person is making the payment.
When you pay by card, you may for example need to identify yourself using Mobile BankID, a card reader or a PIN code. The same may apply to your customers if you, as a corporate customer, accept card payments.