With the approval of the new European Directive on payments PSD2, a real digital revolution has officially begun. But what are the main effects of this regulation for those who have an online current account?
- transactions will become leaner and cheaper, as they can be concluded without intermediaries or commission fees;
- the customer consents to access to his financial data by third-party companies, banks and others, which could develop new services and offers.
This kind of change, obviously, involves the need for additional security measures, like the double authentication. By accessing your account from your smartphone or PC, in fact, a double access key is required, for example a code, a One-Time-Password, a fingerprint or face recognition.
The Strong Customer Authentication (SCA), required by the Directive is designed, in fact, to allow the identification and the univocal authentication both of the customer and of the type of operation to be carried out. This reduces the risk of fraud and protects users against online threats. For example, if you try to access to your online banking account from a PC, a message will instantly arrive on your smartphone with a single-use code that allows you to complete the transaction. This new system therefore guarantees a lower “permeability” of the account to hackers.
Another effect of PSD2 is represented by the opening of this business to the big names in technology such as Google, Facebook and Amazon. These companies can be included in the banking and financial services sector, proposing different types of offers and services than traditional ones.
This new European Directive demonstrates once again how the credit market is evolving towards more open and interconnected solutions that revolutionize the consumers habits.
If you would like more information on the safety regulations for your online current account or on one of our services, do not hesitate to contact us.