Key Changes

PSD2 reflects significant changes to the payments market. These changes include:

Extended coverage

PSD2 will cover both intra-EEA (European Economic Area) payments, as well as ‘One Leg Out’ payments – such as when the beneficiary or originator is located outside the EEA.

Transaction charges

Payments in currencies where the originator and beneficiary are in EEA countries will use charge option ‘SHA’. This means that transaction charges will be shared between the payer and payee.

Value dates*

PSD2 will impact the value dates given by banks. For transactions where payments are dealt in EEA currencies (or non-EEA currencies with some restrictions), the payment value date will be the date the bank receives the funds.

Regulation of Third Party Payment Providers (TPPs)

TPPs are Payment Service Providers who do not hold customer payment accounts. Under PSD2 there are two main types: Payment Initiation Service Providers (PISPs) and Account Information Service Providers (AISPs). PISPs will initiate a payment from a customer’s bank account on their behalf, and AISPs will provide account aggregation services to customers. Under PSD2, banks are responsible for giving PISPs and AISPs access to a customer’s account upon their consent.

Increased customer protection

There are some exemptions, but when using payment instruments and accessing online banking systems (even if read only), strong authentication can be required. There are limitations on charges, and increased obligations for the Account Servicing Payment Service Providers (ASPSPs) in case of loss or theft of a payment instrument.

*The value date is a reference date used by a provider for when the funds are available (in case of credit) or not available (in case of debit) in a customer’s payment account.

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