Payment Services Directive (PSD2) is a Directive that is applicable from 13 January 2018 that will make your payments more secure by protecting you against the risk of fraud, abuses and payment incidents, while also safeguarding your financial data. The Directive will translate to better payment protection for you in case of an unauthorised transaction related to a lost or stolen payment instrument (such as your debit card), you will only incur a cost of not more than €50, except in cases where you have used the card in an illegal manner.

Which financial service providers will be affected?

PSD2 will apply to Banks. However, companies in the payment services industry and other entities involved in the carrying out and / or management of payment transactions will also be affected. These are known as Third Party Payment Providers. All these companies will have to seek your consent before transferring funds from one account to another. Upon getting your consent, these companies will have the authority to request, in your name, details of accounts you hold with other banks.

Additional benefits

• Your debit cards containing a magnetic strip (located at the back) will include an EMV Chip & Pin for enhanced security
• Payment services companies are obliged to provide you with a free communication channel where you can report a lost or stolen card
• You will receive monthly and annual statements of your accounts by your bank/s, free of charge.