The Second Payment Services Directive (PSD2) is a piece of European payments-related legislation which came into effect on 13 January 2018. It aims to increase competition in the payments industry, introduce new types of payment services and improve customer protection and security.
Two parts of PSD2 you’ll want to know about are account information sharing and payment initiation.
This will let you view all of your account information in one place, even if you have accounts across multiple banks. If you give your express permission to let them access your data, places like comparison sites will be able to sift through the information and find products that suit your needs.
From March 2018, you can authorise a third-party company to view your Metro Bank financial information on their mobile app or website. Only Financial Conduct Authority (FCA) approved companies will be allowed to access this data, and only with your permission.
With the new PSD2 regulations, you’ll have more payment options when buying goods or services. Instead of having to pay through a third-party (like Visa or Mastercard debit/credit cards, or with a company like PayPal), you’ll be able to pay directly out of your bank account.
This lets you pay the vendor directly. We’ll let you know more about this service and when it’ll launch as soon as we have more information.
Although some outlets use PSD2 interchangeably, they’re actually different things. PSD2 is legislation from the European Union (EU), while Open Banking is something the UK Government has implemented to make sure the biggest UK banks allow account information sharing and to encourage competition in the industry.
Firstly, it’s completely up to you if you want to use any of these services once they’re available. If you give us permission to share your information, Metro Bank will carefully vet all third-party companies before allowing them access to your data.
Any third-parties who offer Account Information Sharing and Payment Initiation will need to be registered with and regulated by the FCA. You can see a list at https://register.fca.org.uk/.
While we have no immediate plans to offer this service, we will be giving you the option to share your Metro Bank account data with authorised providers as of March 2018.
PSD2 covers all personal and business payment accounts. This means all our Current Accounts, Cash Accounts, Credit Cards (account information sharing only) and Instant Access Savings accounts.
This service is completely optional, meaning you can choose whether you wish to use it or not based on your preference.
You can call us 24/7 on 0345 08 08 500 or visit us in store 7 days a week.