Banca March - Crecemos con valores, crecemos juntosPSD2

The new European Payment Services Directive (PSD2) has already been incorporated in Spain with the entry into force of the Royal Decree Law 19/2018.

What is PSD2?

PSD2 is the new European payments services regulation that requires the amendment of the clauses included in the following contracts:

• Online banking services.
• Online banking services.
• Current and saving accounts contracts.

The main objective of PSD2 is to further protect payment services users by ensuring that transactions with new digital media, cards, Internet and mobile phones are secure and offering access to a growing range of innovative payment services at European level

What are the benefits and changes of PSD2 for you as a user of means of payment?

ADDED SECURITY AND INFORMATION

• PSD2 limits the payer’s liability to 50 euros for losses stemming from unauthorised payment transactions as a result of theft or misappropriation of cards or other means of payment. This holds true if the obligations of custody of the means of payment and passwords have been fulfilled. The limit was 150 euros under the previous regulation.
• It streamlines claims settlement deadlines from 2 months to 15 working days.
• It reinforces security requirements for client authentication to prevent identity or password theft.

NEW ACCOUNT INFORMATION AND PAYMENT INITIATION SERVICES.

These services may be offered by the bank or other registered payment service providers that are authorised and supervised by the Bank of Spain..

• Account information services: provide the payment service user with aggregated information on one or more payment accounts held with their respective payment service providers, thus delivering comprehensive and real-time information on their financial situation. This requires the prior consent of the client, who chooses the accounts to be added and may revoke the consent at any time.
• Payment initiation services: allow intermediaries to guarantee payment from the consumer to the merchant as an alternative to card payments. Prior consent of the client is mandatory. 

On behalf of Banca March, and always for justified reasons and to prevent unauthorised access or fraud, these providers may be denied access to your payment account. In addition, for security reasons, we will contact you if this situation arises and need your confirmation.

EXECUTION OF PAYMENT ORDERS

Payment transactions made in euros shall be executed at the latest on the working day following receipt of the payment order.

Any changes that confer a benefit to you shall be immediately applicable. You can terminate the contracts free of charge if you do not agree to the new amendments; it will be otherwise understood that you accept them. Moreover, you can request at any time that your branch provide you with the latest conditions which are applicable to your payment services.

SCA: what it is and how it affects you

From 14th September 2019, the payment services European regulatory directive (PSD2) has established more rigorous security requirements for electronic payment transactions, with a view to preventing the theft of your identity or access codes. This is known as SCA or enhanced authentication.

From November 2020, for payment transactions where Banca March needs to verify your identity, two or more authentication factors will be used from the following categories:

• “Knowledge”, or something you know: your PIN number or password.
• “Possession”, or something you possess: a card, mobile phone, or digital certificate.
• An "inherent" factor, such as a fingerprint or facial recognition.

HOW WILL THIS AFFECT YOU?

To carry out an online payment, card details such as the card number, expiry date and CVV security code are requested to validate the transaction from a secure environment within the Bank.

First, log in to your App or Online Banking using your access codes (1st authentication).

Then validate the operation by entering the security code you will be sent by SMS on your mobile phone (2nd authentication).

If you do not have our App or use Online Banking yet, when you shop online you will receive an SMS asking you to enter the result of a mathematical operation using two digits of your card PIN.

This double validation process will not be required for recurring or low-amount purchases.

WHAT DO YOU HAVE TO DO?

It is important that you keep your mobile phone number up to date with Banca March and activate the option to receive notifications, as it is necessary for the bank to approve any transactions that require enhanced authentication.

If you have already done so, you can update the number at any time under Profile and Settings > Mobile Phone of your Online Banking.  

However, if this data is not up to date or you are still not using our Online Banking, please contact your account manager or branch as soon as possible.

Do not hesitate to contact us on 901 111 000 / +34 971 779 111 or otherwise your account manager or branch directly for any query you may have. 


IF I HAVE AN E-COMMERCE BUSINESS, HOW WILL SCA AFFECT ME?

With effect from 31st December 2020, all payments made with European cards must comply with strong customer authentication (SCA) regulations, that is, double validation will be required from the cardholder. 

Each financial institution can decide on the authentication factors to be applied, but this will not affect payment collection methods so please be reassured that this will be a transparent procedure for you. 

What should I do with my POS terminal?

You only have to verify that your virtual POS or Virtual POS/Paygold terminal has been set up correctly. To do so please access its administration module and check that the following payment methods are available:

Secure payment method:



3DS version:



If you can view this information, you have no reason to worry as your POS terminal has been correctly set up and is working properly: in 3Ds mode and in line with current regulations.

If you detect any discrepancy in the details provided by your POS terminal, please contact your branch and tell us about it. We will quickly set it up so it works correctly and complies with regulations.

Will all transactions be affected by SCA?

No, some exemptions have been specified in the regulations but, in any case, your sales transactions will always be completed under the PSD2 European directive. 

Technical Information

PSD2 TEST ENVIRONMENT

Through the following links you will find all the information required to connect to our API in the Sandbox test environment. This service is aimed at businesses and professionals who may be interested to act as TPP (Third Party Payment Service Providers) and establish a trusting relationship with Banca March and its customers.

• Link to Sandbox
• Test links: API - OAuth

Even if the platform is monitored 24/7, TPP’s can use several channels to report incidents or queries.  

• For queries relating to Sandbox and test installation: mailto:psd2.sandbox.soporte@redsys.es
• For queries regarding installation of production materials: psd2.hub.soporte@redsys.es
• To have your queries or technical issues solved during the technical configuration process, you can also contact us 24/7 on telephone number +34 917 282 321.