Payment Services Directive 2 – PSD2
What is PSD2?
The Payment Services Directive 2 (PSD2) is a European Union law which was introduced in January 2018. PSD2 changes enhance customer protection, offering you greater control over your payments when making purchases and using banking services online. These changes are happening across the European Financial Services industry and came into effect on 14 September 2019.
What are the benefits of PSD2?
- Enhanced protection against fraud, making it more secure for you to use electronic services such as buying online and using your online banking service.
- Innovative ways to pay for goods and services, providing more control and an easier way to manage your online accounts.
What are the changes?
1. Strong Customer Authentication (SCA)
Strong customer authentication is a process that validates the identity of you the user, where a payment service or transaction is taking place. Since September 2019, additional security has been applied when making payments or accessing your online banking services thus reducing the risk of fraud. You may have noticed that we send you notifications to confirm that you have authorised payments, logged in or made changes to your accounts.
2. Third Party Providers (TPP)
PSD2 now allows you to use Third Party Providers (TPP) to make payments on your behalf or access your online accounts. Only with your consent can a TPP make payments directly from your online payment account. If you do not want to avail of these TPP services, you do not have to. We will not share your account information unless you have given consent to a TPP.
The services they provide are as follows:
- Account Information Services Provider (AISP): These services can gather information from all of your online payment accounts and provide you with a single view
- Payment Initiation Services Provider (PISP): When shopping online you can allow a Payment Initiation Service Provider (PISP) to initiate a payment directly from your bank account. PISP is an alternative to using your debit or credit card.
What happens next?
Strong Customer Authentication (SCA)
PSD2 commenced on 14 September 2019 it provides you with enhanced account security when using banking services online. These changes are happening across the European Financial Services industry.
The initial change you will encounter is that you will be asked to reconfirm access to continue using your An Post Money mobile app and online banking. This is a requirement under the regulation and confirmation will be requested every 90 days.
To do this, you will need your user ID and follow the standard login process. When you log in you will be sent a secure code by SMS to the mobile phone number you have registered for your account and you will need to key this code in order to complete your login. This additional security task reconfirms your identity and protects your account. Your mobile app will provide you with a reminder message to complete this process every 90 days.
TPP Registration & Set Up (Optional)
- Download or Update your An Post Money app to the latest version from the Apple App Store or Google Play Store.
- On your first login to the app, you will see a message telling you that Open Banking is now available and you will be given an option to register for it.
- If you choose ‘Not Now’ then you will be see a message on screen telling you that you can change this at any time by selecting the ‘My Details’ screen from the main menu and select ‘Register for Open Banking’.
- If you Tap ‘Confirm Open Banking’ you will be setup in the background and can start using open banking facilities.
What is Open Banking?
Open Banking has been introduced to offer you greater control over your accounts. Open Banking gives you the option to share your current account information securely and make payments directly from your current account by using Third Party Providers, known as TPPs. These could include banks, online retailers and financial technology (Fintech) providers.
Why is Open Banking being introduced?
Open Banking is being introduced because of new regulations, PSD2, in order to make the financial services industry more competitive and also encourage the development of innovative new products and services.
How do I register for Open Banking?
You can register for Open Banking through ‘My Details’ on our An Post Money Current Account app from the main menu and select ‘Register for Open Banking’.
Do I have to register for Open Banking?
No, you do not have to register for opening banking. This is your choice and you can you change your mind at any time through the ‘My Details’ section of our An Post Money app.
What is a Third Party Provider?
A TPP is a third party that you authorise to access your account and make payments on your behalf.
I don’t want to use a TPP?
Don’t worry, you do not have to use a TPP. We can only share your information if you provide consent. If you do decide to use a TPP and then change your mind, you can also revoke that consent and stop using a TPP.
What is an Account Information Service Provider (AISP)?
These services can gather information from all of your online payment accounts and provide you with a single view. This means if you hold multiple accounts with multiple banks, if you register for an AISP through Open Banking, you will be able to view all accounts in one place.
What is a Payment Initiation Service Provider (PISP)?
If you have registered for Open Banking, you can allow a PISP to initiate a payment directly from your bank account, when shopping online. A PISP is an alternative to using your debit or credit card. The PISP then sends an instruction to us to make your payment. This may take a couple of hours to show on your statement after you authorise it.
I have registered for Open Banking. What’s next?
Registering for Open Banking allows you to sign up for AISP and PISP services. You can choose what AISP’s and PISP’s you want to use.
These TPP’s provide their services separately and independently. When choosing a TPP for AISP or PISP services, you should check the Central Bank of Ireland’s website to make sure they are authorised/registered. It is important to check this to ensure your financial information will be safe and secure.
Do I have to use Strong Customer Authentication (SCA)?
Yes, all customers are required to use SCA under PSD2 which is a European law.
I can’t find my user ID, how can I get it?
Your user ID is on your original account opening letter. It is also available on the ‘My Details’ section of the An Post Money Current Account app and through online banking. If you do not have it to hand, we can give it to you over the phone on (01) 705 8000.
My mobile number is incorrect, what do I do?
Don’t worry, you can update your mobile number by calling us on (01) 705 8000.