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Banca March - Crecemos con valores, crecemos juntosPSD2

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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.

 

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.

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