The Payment Services Directive (PSD) regulates payment services in the European Economic Area (EEA). Originally introduced in 2007, the recently revised version is known as PSD2.
What kind of changes can you expect?
The most important changes for consumers are:
- If you order something via a web shop, the company that owns the shop is allowed to charge additional costs for the payments. However, such a company is not allowed to make a profit of this. It is only allowed to charge the costs the web shop has to make for that payment. An exception has been made for credit cards. In addition it is allowed to charge extra costs to discourage use of inefficient payment methods such as thebank transfer/accept giro (acceptgirokaart).
- Your liability in case of loss of e.g. your banking pass is limited to € 50.00
- Access to your banking account by third parties. The bank must give third parties access to your bank account under the condition that you have given permission for that. This third party must have permission from the Dutch banking authority (De Nederlandse Bank) or a banking authority from another EU country. An example of this is a party that offers digital expenditure books. Such a company has direct access to all your banking accounts, even if you have accounts with several banks (if you give this company permission to have access to all your bank accounts ). In such a way you can get a complete overview of your income and expenses.
- Access to a banking account should be free. Banks are not allowed to make a profit from this.
In all EEA countries PSD2 will come into force in January 2018. However, the process of adapting the Dutch legislation has been delayed and will probably be finished in spring 2018. Therefore introduction in the Netherlands is practically only possible when the Dutch legislation has come into effect.
According to this new directive, third parties can get access to your payment information. It is very important that you are aware to whom you give permission to view your payment information.