Payments where your customers need them

They must have a clear project strategy underpinned by an in-depth understanding of the required legal and regulatory changes — as well as timelines for their implementation processes. Produced in collaboration with PPI AG, this document not only covers the latest developments and most-important intricacies of the regulation, but also highlights the important next steps which market participants must now take. To ensure their PSD2 projects are successful, organisations must not only ensure that they are compliant in time for the January deadline.

Rather they must keep in mind the wider implications of PSD2. Even though elements of this RTS remain unclear, and even though, with an 18 month implementation period, this RTS will only come into force in the first half of at the earliest , banks and others who service customer accounts should not wait until the final version of the RTS comes into force to start their preparations. We will not share your account information unless you have given consent to a TPP. PSD2 commenced on 14 September it provides you with enhanced account security when using banking services online.

These changes are happening across the European Financial Services industry.

Are you PSD2-Ready? A guide to the latest information and sources of support – Deutsche Bank

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.

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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.

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4. What is PSD2 (Payment Services Directive) and how does it affect the Payment Services industry?!

These could include banks, online retailers and financial technology Fintech providers. 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. No, you do not have to register for opening banking. A TPP is a third party that you authorise to access your account and make payments on your behalf. Open a free acount.

Payment Services Directive 2 – PSD2

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