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PSD2 and Open Banking

The Second Payment Services Directive (PSD2) is an important piece of payments related legislation in Europe.

In a nutshell, from March 2018, you’ll be able to use a third-party company to view all your financial information across any of your bank accounts in one place and make payments directly from your accounts.

WHAT DOES IT MEAN FOR ME?

There are two key parts to PSD2: account information sharing and payment initiation.

1. Account information sharing

The account information sharing service means you can sign up to a third-party company and consolidate all your financial accounts – such as your current accounts, cash accounts and credit cards – and view them all in one place.

Additionally, this service will benefit you if you’re thinking of opening a new account. Services, such as online comparison sites, can use your data to find an account that meets your needs.

2. Payment initiation

Currently, we make most of our purchases through third-party companies, like PayPal or debit and credit card providers. PSD2 will give you a new ‘pay by bank account’ option when buying items online.

This means instead of having to key in your card details you can make payments directly from your bank account.

Is this the same as Open Banking?

PSD2 is legislation that has come from the European Union (EU). Open Banking is something the UK Government has implemented to make sure that all banks and third-party companies work to a certain service standard.

How are we keeping your information safe?

You get to choose if you want to use these services. If you do give us your permission to share your information, we’ll protect your data with special security measures.

All third-parties you share your information with will be registered and regulated by the Financial Conduct Authority (FCA), meaning they’re subject to the FCA’s rules and supervision.

We’ll provide a link to the FCA’s list of registered providers when it’s published on 13 January 2018.

Metro Bank will carefully vet all third-party companies before allowing them access to customer information.

Got some more questions?

  • Can I see my account information from other banks on the Metro Bank online banking website or app?

    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.  

  • Which of my Metro Bank accounts will be impacted by PSD2?

    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.

  • Do I have to use this service?

    This service is completely optional, meaning you can choose whether you wish to use it or not based on your preference.

  • What happens if I have any further questions? Who can I speak to?

    You can call us 24/7 on 0345 08 08 500 or visit us in store 7 days a week.