What is the policy of digital payments and how it affects their entry into force from tomorrow

The Bank of Spain gives more time to adapt to the new rules of payments electrónicosEl ceiling legislation, which prevents the take-off of the ecosystem "finte

What is the policy of digital payments and how it affects their entry into force from tomorrow
The Bank of Spain gives more time to adapt to the new rules of payments electrónicosEl ceiling legislation, which prevents the take-off of the ecosystem "fintech"Brussels reinforces the standards of security for electronic payments in shops and online

The different banks that operate in Spain, spent weeks advising their customers of the forthcoming entry into force of the directive PSD2 (Payment Services Directive), which will involve a double authentication of the user. Starting this Saturday, September 14, measures shall be introduced in our country and in the rest of the European Union in order to strengthen the security of payments in the e-commerce purchases, and access to bank accounts online. However, the Bank of Spain has announced that it will expand the term to a period of "limited" for payment service providers to adapt to the new requirements given the complexity of these systems. Although the central entity has not finalized how much it will prolong this moratorium, the spokespersons consulted speak of 9 to 18 months of term.

How can I access my internet banking account?

The access to the bank account will be complicated in order to increase the security of our data. From now on, it will be necessary to add an extra step to the process and the user is also you must enter a validation code that you receive on your mobile phone or, accept the notification integrated in the application of the bank. Therefore, as seen in the comparator financial Helpmycash, from now on, it will be mandatory to have a smart phone to access our bank account online. It is worth to point out that it will not be mandatory this authenticate strengthened to check the movements of bank except when it is accessed for the first time or when it has not been entered in the last 90 days.

What solution has been proposed by each bank?

as collects Helpmycash, the vast majority of entities will apply the second factor of authentication through the received code message on the mobile. By contrast, some banks, such as Cajamar, ING, N26 or Targobank give you the option to access through notification built in to the application . "To the naked eye, the SMS are the least intrusive option for the client, since it does not require you to download any app, only to inform the entity of your telephone number, something we already do when hiring a checking account," says Xavier Mezcua, of Helpmycash.com.

How are you going to change the way you pay through the internet?

To make a payment on an e-commerce website you will need to spend for a system of double authentication among three proposed systems : something that only the user knows, e.g. a password or a pin; something that only the user has, such as a mobile phone that receives a message or something of their own to the user such as fingerprint or iris. However, there will be a number of exceptions when it does not exceed certain amounts, and number of operations of purchases.

What are the benefits of will experience to your customers?

With this new form of payment, customers will benefit from greater security; a lesser liability to the fraud, since the amount low of 150 to 50 euros ; the right to the return of money; it will be deleted surcharges when paying with credit card; the decline of intermediaries to make a purchase and the introduction of all the institutions of payment on a public register.

how long will prolong the moratorium on the shops and electronic portals?

Both entities as the Spanish merchants have requested to an extension of up to 18 months to march 2021 as the deadline for the entry into force of these systems of authentication and for the period of initial implementation does not match neither with the "Black Friday" or Christmas.

Updated Date: 13 September 2019, 23:00

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