What you need to know about PSD2

WHAT YOU NEED TO KNOW ABOUT PSD2

Find out what it is and what you can get thanks to the EU directive

What is PSD2?

PSD2 (Payment Services Directive) is an EU Directive on payment services. Its regulations were incorporated into the Polish legal order through the amendment of the Payment Services Act. What are the goals of PSD2?

  • creating a single payment market in the EU
  • increasing the security of your transactions and finances
  • possibility of using open banking

PSD2 [Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market] is an answer to development of technology as well as new payment services. PSD2, with its regulations incorporated into the Polish legal order through the amendment of the Payment Services Act, i.a. will allow a single payments market to be created in the EU, assure safety of your transactions and protection of finances. Apart from that it also introduces a new category of service providers known as TPP (Third Party Providers) who will be able to provide additional services e.g. if you agree, they will be able to get access to information about your account, order processing of payments and check availability of funds on your account.

What's changing

More secure confirmation of operations

The security of your finances will increase. In accordance with new regulations, certain operations require the use of the strong customer authentication (SCA), which means a two-step process of verifying the Client's identity. We can ask you for additional verification via SMS P@ssword or Mobile Authorization, in particular:

  • once every 90 days while logging in to Millenet
  • when checking transaction history older than 90 days

Better perspective on your budget

Thanks to open banking you will have access to all your payment accounts from one place, e.g. you will check the balance of an account in another bank from the level of our banking. Thanks to open banking you will get a better grasp of your finances and will better manage your budget.

Benefits for you

  • Stronger protection

    Stronger protection

    Your liability for unauthorised transactions will be reduced e.g. if you lose the card or phone (remember to report any payment made without your consent). So far this has been 150 euro, now you are responsible for a maximum of 50 euros.

  • Faster claims

    Faster claims

    You will get a faster reply to claims concerning your payment transactions. This time will be shortened from 30 calendar days to 15 working days.

  • New rules for cross-border transfers

    New rules for cross-border transfers

    Sending a cross-border transfer to a country from the European Economic Area (EU member states, Iceland, Norway, Liechtenstein and Switzerland) you will pay part of the transfer cost and the recipient will pay the other part (SHA option, in which costs are shared between the sender and the recipient of the transfer).

How to prepare?

From 14 September 2019, in order to use Millenet and the mobile app, you must be able to receive SMS P@sswords. Therefore, make sure that you have added your phone number in the Bank system.

You can register or change your phone number in any Bank Millennium branch.

Find branch

Open banking in summary

"Open banking" term refers to payment services that, according to the PSD2 Directive, can be provided by certified external service providers, e.g. other banks or payment institutions (i.e. TPP, Third Party Providers).

Of course, you must agree to using their services each time.

Open banking services

External service providers may provide three types of services:

  • AIS (ang. Account Information Service)
    allows the third party to have access to information about your accounts in various banks; this service may be useful e.g. when assessing credit capacity, but will also give you access to various accounts from one place

  • PIS (ang. Payment Initiation Service)
    allows payments to be made from your bank account – upon your request the Third Party Provider (TPP) will be able to initiate a transfer order in a specific amount and to a specified recipient (at no stage will TPP be a recipient of your money)

  • CAF (ang. Confirmation of the Availability of Funds)
    allows Third Party Provider (TPP) to check if you have a sufficient amount on your bank account to make the card payment

Important! It is worth remembering

be careful and do not disclose your login and authorisation data to anyone [certified Third Party Providers (TPP) should use a special access interface, thus they will not require any confidential information from you]

authenticate consents and log in with the use of MilleKod only on websites in the bankmillennium.pl domain

before you agree to a selected service provided by TPP check if the particular institution/entity is a certified service provider registered by the Polish Financial Supervision Authority

FAQ

Information for Third Party Providers (TPP)

For certified Third Party Providers (TPP), we provide an API access interface with documentation. You can use the production environment as well as the test one.

We guarantee the highest safety standards. We use effective methods of data encryption and protection against unauthorized access.

We provide a high quality API interface with a clear data structure. In order to start using it, you just need to register.

We provide a stable environment for both, the production and the test version with comprehensive and transparent documentation that allows for easy and quick integration with our system.


If you have any questions, please contact us at: openapi@bankmillennium.pl.

Availability and efficiency of Bank Millennium electronic channels


The average availability of each interface to Bank Millennium electronic channels in III quarter of 2019 was:

  • API access interface

  • Millenet for Individuals

  • Millenet for Companies

  • Mobile app for Individuals

  • Mobile app for Companies

  • Millenet Link

Monitoring the availability and efficiency of the special API access interface and interfaces used by Bank Millennium Clients is carried out in accordance with regulatory technical standards contained in Commission Delegated Regulation (EU) 2018/389 of 27 November 2017.

Availability and efficiency of electronic channels
on a daily basis