The Benefits

Increased transparency to payment fees and charges

  • Extended sharing of charges to non-EEA currencies within the EEA (Note: Due to the introduction of the shared charges requirement for intra-EEA payments in non-EEA currencies, the principle amount that is received may no longer be guaranteed).
  • Lower fees when replacing lost and stolen payments instruments such as cards or payment tokens.

Customer protection

If a customer reports to their bank an unauthorised transaction, then the customer, even when using a third party, will retain the 13-months refunds right. There is potential for HSBC to reduce this timeframe for corporate customers within contractual terms and conditions.

Enhanced security

PSD2 introduces strict security requirements and customer authentication applicable to payment accounts. This applies to all payment service providers, including newly regulated payment service providers. This stricter approach on security should contribute to reducing the risk of fraud for all remote and electronic payments and to protecting the confidentiality of the customer’s financial data.

Efficient bank processing

  • Same day value date to credit a customer's account once the bank receives the funds (FX payments are subject to conversion).
  • D+1 refunds for unauthorised transactions prior to investigation, unless it is a fraudulent transaction.
  • 15 days service level agreement (SLA) for resolving PSD2 payment complaints – extended to 35 business days when external information is required.
  • Free option for the customer to report lost and stolen payment instruments.

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