PSD2 (The Second Payment Services Directive)
Since 2009 when the Payment Services Directive (PSD) was first mandated, the retail payments market has experienced significant technical innovation, with rapid growth in the number of electronic and mobile payments and the emergence of new types of payment services in the market place.
The revised or second Payment Services Directive (PSD2), is a directive that aims to drive increased competition, innovation and transparency across the European Union (EU) and European Economic Area (EEA) payments market, while also enhancing the security of internet payments and account access.
On 13th January 2018 the PSD2 Regulations came into effect in Ireland. The Regulations are based on a European Union Directive which is designed to further benefit customers across Europe by enhancing the transparency and standardisation of service terms and conditions originally introduced in 2009.
New regulations have been introduced to offer you greater control over your data, giving you the option to securely share your online payment account information and make payments directly from your payment account by using Third Party Providers, known as TPPs. If you don’t want to avail of these TPP services you don’t have to. You are always in control.
We are amending our terms and conditions to take account of these changes. A summary of which can be found in the attached brochure of changes.
These changes will not impact the way you use your account yet, we will have more information and updates on this website in advance of this.
If you received a communication from us on or after 25 April 2019 in relation to upcoming changes, your terms and conditions effective date will be applicable from 29 June and any reference in those terms and conditions to May 2019 should read 29 June 2019 for you.