Payment Services Directive 2 (PSD2)

Payment Services Directive 2 (PSD2)

From 14 September 2019, updates to the Payment Services Directive (PSD2) means that when you shop or bank online, you may be asked to confirm it's really you.

This could mean your provider sending you a verification SMS or email when completing a transaction or accessing online services. 

An important element on PSD2 is the requirement for Strong Customer Authentication (SCA) on digital payments. The aim of this is to reduce fraud through electronic transactions.

This may mean that your payment journey will look a little different. An increased number of everyday transactions will need authentication, rather than just high risk actions, as is currently the case. 

For example, where you use your card with a retailer in person, contactless payments, will still be available for low value transactions of less than £30. Chip and PIN will also continue for values above £30. However, for remote electronic payments (for example, when shopping online) and credit transfers, additional authentications will be required. 

And for customers who use Bankline you will find that you are required to use a Smartcard and Upgraded Smartcard reader to Log on and Authorise payments.

As we will need to get in touch with you, its important that we have you current mobile phone number and email address. 

 

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