PSD2: What exactly is that?

Personal payment information. This information is only known to you and your bank, right? At present, but a new law will also allow other companies besides your bank to access your data. If you give permission for that, at least.

Companies that want something with the payment details must have a permit for this. These companies are first extensively screened by De Nederlandsche Bank. In addition, there is even more supervision of the PSD2 directive by various authorities such as the AFM.

What is PDS2?
PSD2, shortly before Payment Services Directive 2. Until recently we didn't even think about that; others who can access your payment details. In 2014 there was a fuss about an ING plan, which at the time wanted to share payment behavior with companies. At the time, this was canceled because too much commotion arose. That will be different in 2019. Now, not only will ING share payment data, subject to permission, but all banks. Not so much because they want to, but because Europe has to.

With the PSD2 law (directive), Europe does not want the bank, but the consumer to be in charge of his payment details. This is partly because there is more competition and innovation in payment transactions. After all, banks play an important role in what has to do with our money.

But what do companies actually do with this data? How long do they keep this data? And do they also sell this data? Businesses need to be able to answer all of these questions, so it explains explicitly in advance how they do it so that you, the consumer, can make an informed decision before agreeing to anything. PSD2 was introduced on September 14 in the Netherlands. This is quite late compared to Belgium; there this law has been in force since March 26, 2018.

Arlette Broex, an expert in payment transactions, explains: 'At some point, it has been thought from Europe that it is much better if this information is open, so that exclusive rights do not lie solely with banks. For example, multiple parties can develop new services around your bank account. In this way, other parties can also indent, for example with newer, simpler payment methods. '