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Payment Services Directive 2 (PSD2)
What is the PSD2?
From 14 September 2019, the PSD2 (Payment Services Directive) regulation will enter into force and will replace the PSD1 adopted by the European Parliament in 2007. Customers' banking data may be securely disclosed to other banks and third-party providers (such as aggregators), provided that they have consented to this. This will enable organisations to access the account balance and history for accounts held at a bank. This new component also aims to improve security for bank customers by making use of strong authentication systems. Two new payment services are involved: - Payment account information services (current accounts), which centralise information about your current accounts, display your account balance, provide confirmation of the balance remaining in your account and more. - Payment initiation services.
What does this mean for you?
The PSD2 should make your life easier. Thanks to the directive, customers will be able to provide consent for their current accounts to be aggregated, meaning that, using a bank's app, they will be able to access the account balance and history of accounts held at another bank. You will also be able to provide your consent for third-party providers (such as Fin Techs and aggregators) to access this information. Third-party providers must be authorised by the NBB (National Bank of Belgium) to carry out this kind of activity. Please note that a bank may not disclose your information unless you have provided your consent, using a strong authentication method. Your data stays in your hands. As long as you have provided your consent, you will be able to initiate a payment in your payment account via third-party providers or another bank.
What about security?
Security is a huge priority when introducing this EU directive and Ii is being enhanced. Your banking data cannot be shared with other banks or third parties without you providing your explicit consent using a strong authentication method, just like you currently do in order to make a payment, for example. No information can be shared without your consent. Should you wish to do so, you can withdraw this access at any time (by contacting Keytrade Bank).
In order to provide their services, third-party suppliers must obtain authorisation from the national supervisory authority (the BNB in Belgium) in order to request data access.
For security reasons, you will also be asked to provide your consent again every 90 days by providing a signature using a strong authentication method.