App Santander
Second Directive on Payment Services (PSD2)
Discover the new Payment Services Directive, what’s new in it and how Santander accompanies you on a daily basis in this new banking environment.
Discover the new Payment Services Directive, what’s new in it and how Santander accompanies you on a daily basis in this new banking environment.
PSD2 - What is it?
PSD2 is a European directive which aims to:
• open up the banking market to new players known as payment service providers
• increase the level of security of payment transactions and supervise the many players in the market of payment and account aggregation.
• encourage innovation in the sphere of payment accounts
What's new?
With PSD2, clients of European banks have the opportunity to provide access to their bank information to authorised payment service providers. The bank provides this access only upon the client’s request and subject to their express consent. Only data related to payment accounts that can be accessed online are concerned.
PSD2 is a European directive which aims to:
• open up the banking market to new players known as payment service providers
• increase the level of security of payment transactions and supervise the many players in the market of payment and account aggregation.
• encourage innovation in the sphere of payment accounts
What's new?
With PSD2, clients of European banks have the opportunity to provide access to their bank information to authorised payment service providers. The bank provides this access only upon the client’s request and subject to their express consent. Only data related to payment accounts that can be accessed online are concerned.
Three new types of services can be offered by these providers:
Account information service:
These services allow account aggregators to have all the information of your payment accounts on a single interface (in particular balances, information on transactions, including amounts, names of beneficiaries and payers and communications, account details, etc.), held in your banks.
To benefit from account aggregation services, you will always have to give your express consent to the provider and confirm that consent with the Bank.
Payment initiation services:
You will be able to initiate payments drawn from one of your Santander accounts by using the payment initiator's platform. Here again, an authorisation will always be requested from you.
Information services on the availability of funds:
Some providers can - with your consent - (i) check the availability of an amount on a bank account that was specified before making a transaction.
These services allow account aggregators to have all the information of your payment accounts on a single interface (in particular balances, information on transactions, including amounts, names of beneficiaries and payers and communications, account details, etc.), held in your banks.
To benefit from account aggregation services, you will always have to give your express consent to the provider and confirm that consent with the Bank.
Payment initiation services:
You will be able to initiate payments drawn from one of your Santander accounts by using the payment initiator's platform. Here again, an authorisation will always be requested from you.
Information services on the availability of funds:
Some providers can - with your consent - (i) check the availability of an amount on a bank account that was specified before making a transaction.