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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 do these changes mean to you?
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.
Benefits for you
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.
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
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).
More secure confirmation of operations
The security of your finances will increase. In accordance with new regulations certain operations must satisfy the strong customer authentication requirement. This means a two-step process of verifying the Client's identity, e.g. with the use of login data and a one-time code.
Better perspective on your budget
Open banking will allow you to access 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.
Access to open banking
Open banking may be managed after logging in to Millenet. There you will find all consents given in relation to collecting information about your account or initiating payments – irrespective of type of service and the date of its validity. From the level of Millenet you can also block access of third party providers to your account.
Important! It is worth remembering
Information for third party providers (TPP)
We have prepared a special access interface (API) for certified third party providers (TPP). All the necessary information, documentation and testing environment can be found on our developer's portal.
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 on the developer's portal.
We provide a stable test environment, with comprehensive and transparent documentation that allows for easy and quick integration with our system.
- Can I resign from using the services of a Third Party Provider (TPP)?
TPP will ask you each time for your consent to performance of a particular service (AIS, PIS or CAF). If you do not agree to provision of services by TPP you can withhold your consent. In case of PIS i.e. Payment Initiation Service, you can set a PLN 0 limit for TPP. In this way TPP will not initiate any transaction from your payment account.
- What is strong customer authentication?
Strong Customer Authentication (SCA) is the way, in which identity should be verified of a payment services user during performance of particular transactions. Strong customer authentication means that a two-step user identity verification process has been used, using at least two of the following three categories:
- knowledge (something only the user knows);
- ownership (something only the user has);
- inherence (something only the user is).
- Can I give my login data to the Third Party Provider (TPP)?
Be very careful and do not disclose your data to unknown entities. Certified Third Party Providers (TPP) will use a special access interface, thus they will not require any confidential information from you.
- I gave my login data to a certified Third Party Provider but I am concerned about the safety of my finances. What can I do?
You always have the right to change or block MilleKod. To do this call TeleMillennium urgently. Moreover, you always have the right to file an objection to AIS and PIS services and also to withdraw your consent for CAF services in the repository of consents in Millenet. The consent must also be withdrawn at the Third Party Provider (TPP).
- How can I check if a particular service provider is a certified Third Party Provider (TPP)?
Every certified Third Party Provider (TPP) is subject to registration by the Polish Financial Supervision Authority and a list of such providers will be available on the KNF website (www.knf.gov.pl).