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
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:
(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.
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