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Second Directive on Payment Services (PSD2)

Discover the new Payment Services Directive, what’s new in it and how Raiffeisen accompanies you on a daily basis in this new banking environment.

PSD2 - What is it?

 PSD2 is a European directive which aims to:

  • open up the banking market to new players known as payment service providers
  • increase the level of security of payment transactions and supervise the many players in the market of payment and account aggregation.
  • encourage innovation in the sphere of payment accounts

What's new?

With PSD2, clients of European banks have the opportunity to provide access to their bank information to authorised payment service providers. The bank provides this access only upon the client’s request and subject to their express consent. Only data related to payment accounts that can be accessed online are concerned.

 

Three new types of services can be offered by these providers:

Account information service

  • These services allow account aggregators to have all the information of your payment accounts on a single interface (in particular balances, information on transactions, including amounts, names of beneficiaries and payers and communications, account details, etc.), held in your banks.

    To benefit from account aggregation services, you will always have to give your express consent to the provider and confirm that consent with the Bank.

Payment initiation services

  • You will be able to initiate payments drawn from one of your Raiffeisen accounts by using the payment initiator's platform. Here again, an authorisation will always be requested from you.

Information services on the availability of funds

  • Some providers can - with your consent - (i) check the availability of an amount on a bank account that was specified before making a transaction.

(i) The creation of a consent always takes place within the provider’s environment (on their website).  A consent is valid for 90 days and is coupled with a strong authentication with the Bank.

How does Raiffeisen accompany you on a daily basis?

Raiffeisen is committed to providing a comfortable and secure customer experience in this new banking environment.

Centralised management of your consents with R-Net online banking

The R-net online banking platform offers you the opportunity to manage all of your consents granted to a payment service provider on a page dedicated to that purpose.

On this page, you can:

  • view your current consents
  • revoke a consent if you no longer want a provider to access your information on your payment accounts

 

 

 

 

 

Management and control of payments

The R-net online banking platform offers you the opportunity to:

  • view all payments you have initiated through an external provider (from your list of Payments and the transactions on your accounts)
  • cancel a future payment date or standing order that you would have initiated through a service provider.
  • track and manage your limit and weekly use for your electronic payments, whether they are initiated through the R-Net online banking platform or a provider.

 

 

 

 

 

Security

The transfer of financial and personal data through providers is at the heart of this debate. Only if you have consented to it, Banque Raiffeisen will forward to service providers all the information, data and transactions related to your online payment accounts.

Rest assured, nothing is done without your agreement and if you do choose to give your consent or initiate a payment through a service provider, be aware that:

  • consent is always accompanied by strong authentication (performed with your usual Luxtrust means in a dedicated Raiffeisen environment)
  • you can decide to revoke your consent at any time (directly through your R-net online banking)
  • any payments initiated from a service provider will be signed with your usual Luxtrust product
  • after all the usual checks, the payment initiation order from a service provider is validated and executed by Raiffeisen

Nevertheless, we encourage you to always be vigilant and not to give your consent to unknown providers, not to share your login data and to watch out for possible fraudulent emails or messages.

 

If you have any questions, you can always contact the Raiffeisen Helpdesk at 2450-1000.

 

Any questions?

We are here to answer your questions and can put you in contact with the right people depending on your requirements.

Where to find us

Raiffeisen has branches all over Luxembourg so you will be able to find a branch or ATM wherever you are.