European Communities Payment Services Regulations 2018
The first Payment Services Directive (EU) 2007/64/EC (PSD1), which came into force in 2009, established common rules for certain types of electronic payments, such as credit transfers, direct debits, card payments, and mobile and online payments. Directive 2015/2366/EU on payment services (PSD2) updates and complements the rules set out in PSD1 and takes new providers of innovative payment services into account. The new rules seek to:
- Make it easier and safer to use internet payment services
- Better protect consumers against fraud, abuse, and payment problems
- Promote innovative mobile and internet payment services
- Strengthen consumer rights.
PSD2 (PAYMENT SERVICES DIRECTIVE) SCA (Strong Customer Authentication)
Strong customer authentication (SCA) comes into effect on the 14th September 2019 and is the process that validates the identity of you the user when you log in to access online and mobile banking, and for further services such as making payments or changing your address.
Fore more information click on the following link PSD2 and SCA
Please click the attached link to access members ‘Framework Contract’ with Tipperary Credit Union in relation to the particular payment account referenced and for the purposes of the European Union (Payments Services) Regulations 2018.