From today it will be necessary to have the mobile phone at hand yes or yes to do any online management with the bank. That will be one of the novelties of the new European regulations (baptized as PSD2) that begins to be applied in Spain, with a main impact for users: from now on it will be necessary to overcome a double security door to be able to consult the accounts or do any type of financial management through the internet, and the key to clear that step will be the mobile phone. There are hardly any exceptions to the norm, but there are and they vary depending on the level of risk, the amount and the channel: remote payments of up to 30 euros and forcontactlessup to 50 euros, regular subscriptions or regular or trusted beneficiaries. For the rest, an extra step is necessary to access a checking account online.
The objective of Brussels with this standard is to limit fraud risks to a minimum.
So from now on you will have to have coverage when you want to access online banking. The operation of this double security door will be, in most cases, as explained below: The bank will ask the customer for his account number, a password and the username. So far there are no big news, since it is already what is usually used today. But from now on, a new barrier will have to be passed, which will usually be a notification to the bank application installed on the phone. Users who make use of biometrics such as fingerprint reading or recognition will be the least aware of the changes.
However, the system may vary depending on the financial entity. In general they have opted for the system to add a single-use password to the traditional authentication system with username and password. This will have a maximum validity of five minutes and will be new for each time you try to perform an operation
The bank will also have extra work. You must check the information of each of your clients every 90 days and verify, for example, that the mobile number has not changed or that the passwords are still valid.
But the most juicy of European regulations will have to wait even a few months. Another of the changes that PSD2 brings is the opening by banks of their payment services to other companies. Banks may request authorization from clients of other entities to be able to see all their financial information: the status of their accounts, that of their mortgage, their other loans ... The objective is that the entitysnoopyI can make you an improved and customized commercial offer. Wicker for a full-fledged trade war.
In addition, until now when an online purchase was made between the merchant and the customer there was an intermediary, such as electronic payment providers, who in turn contacted the card issuing company on which the expense was charged. With this rule, the consumer may authorize the merchant to execute payments on their behalf through their bank account, so that the merchant and the bank will communicate directly.
However, the Bank of Spain, in an initiative shared with other national eurozone supervisors, approved this week a moratorium to delay the entry into force of what is expected to be a hard struggle of the banks to remove customers from each other. The bank has requested a postponement of at least fourteen months before starting that pulse.
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