PSD2

Various changes relating to payment services will be made in early 2019. These changes relate to a new European directive: the PSD2 (Payment Services Directive), which you may already be familiar with. The most significant change is that you will be able to give a company or organisation access to your current accounts.

PSD2 explained

One of the main objectives of PSD2 is to boost competition and innovation in the field of payment services. Soon, not only banks, but also other companies and organisations will be able to process payments and initiate payment services. However, they will only be able to do so with your permission.

What you can give permission for

You can provide a company or organisation with access to your current accounts, thereby allowing them to initiate payments on your behalf or to view your current account details.

Viewing your transactions Submitting a payment order
Access to your transactions from the past 18 months. You might give a third party, such as an accountant, permission to view your account details in order to consolidate your account statements and do your accounts.  You can give a third party permission to submit a payment order on your behalf. Or give an online store permission to initiate a payment on your behalf when making a purchase online, for example. The online store then initiates a payment for you, just as you do now with iDEAL or your credit card.

What is changing for your business

That depends. A company or organisation can only access your current accounts or initiate payments on your behalf with your express permission. If you do not give your permission, nothing will change for you. 

When making transfers within the European Economic Area (EU countries + Norway, Iceland, Liechtenstein), it is now only possible to share costs (SHARED) with your trade partner. You can no longer have the beneficiary (BEN) or the initiator (OUR) pay all of the costs. Companies are also no longer allowed to apply a surcharge for debit and credit card payments (e.g. Mastercard or Visa).

Important to know when giving permission

• The business or organisation only gains access to your current accounts (not to your investment or other accounts).
• Your account details can only be accessed by the business or organisation for up to 90 days, after that period of time you'll have to confirm your permission again
• Businesses and organisations must request your permission for each new transaction
• And you confirm each transaction using ABN AMRO Internet Banking for Business or Access Online

Secure banking is a top priority

It is of course important that you continue to take good care when it comes to your banking, and you should make a careful assessment before choosing to share your current account details. Bear in mind that the business or organisation you are granting access to your current accounts will be able to see your entire transaction history over the past 18 months for a period of 90 days. It is also important to remember that ABN AMRO is never a party in any conflict between you and the business in question.

Questions about the new European Payment Services Directive

The new European Payment Services Directive is applicable to all customers with a current account. Authorised businesses can also give permission for corporate current accounts for which they are authorised.

Yes, this may be the case. Suppose that you transfer funds to a third party or individual who has given a business or organisation permission to view his or her transactions. The transfer you make is then visible to that business or organisation as an incoming payment. Your name, account number, the transaction description and the transferred amount will be shown.

As standard, no-one can access your current accounts. This will remain the standard setting unless you change it.

No. ABN AMRO will never sell customer or payment details to third parties.

No. You have to use Internet Banking for Business or Access Online to be able to grant someone access to your account details. The new European directive only applies to current accounts which can be viewed online.

Payment instructions within the EEA (EU countries + Norway, Iceland and Lichtenstein) including BEN or OUR as cost option will be processed different depending on the channel used. Below an overview per channel how ABN AMRO will processes these payment instructions. Payment instructions of which either the sender or the beneficiary is outside the EEA countries will still be processed in case BEN or OUR is used.

Payment orders through Internet Bankieren Zakelijk or Access Online
Do you use Internet Bankieren Zakelijk or Access Online and are you using a cost code that is not correct? If you are, you will see an error message when entering a payment or uploading a batch. You will need to adjust the cost code to get your payment processed. While uploading an batch file you will get an error message. Adjustment or removal of the specific transaction is required to get the file processed.

Payment orders through Access Direct If you use Access Direct (both Open Link and Client)
Orders with incorrect cost codes will be rejected. You will then have to resubmit these orders with the correct cost code.

Payment orders through SWIFT channels
We adapt the cost code to SHA for orders that we receive through the SWIFT channels (e.g. (MA-CUG or Fileact)(MT101) for processing at ABN AMRO. Payment instructions received in other formats like e.g. MT103 or NON-SEPA XML etc, will get rejected in case the wrong cost code is used. If we receive an order from another bank (multibank through MT101) with an incorrect cost code, we will forward it unchanged to the relevant debit bank.