A new European regulation (Payment Services Directive 2/ PSD2) relating to payment services comes in to force on 14 September 2019. This will affect the whole banking industry, and will further protect your online banking and payments.
These new regulations will affect your use of EBS Your Accounts Online.
From August 2019 onwards, when you log in to your online banking, you may be asked for additional security, as well as your Customer ID & PAC. This extra security layer is to apply what is known as Strong Customer Authentication (SCA). You may have used or seen this on other websites called Two Factor Authentication, and it helps fight fraud by strengthening your existing login details. This new layer of security means that you will no longer be asked to enter the last 4 digits of your phone number.
These new regulations and extra security measures are being introduced to enhance your online banking experience. You may have heard the term ‘Open Banking’, this is a new and evolving industry-wide initiative to give you more control over your finances.
Open Banking gives you the option to securely share your online payment account information and/or make payments directly from your online payment account with authorised or registered parties you trust known as third party providers (TPPs).
We’ve developed our online banking systems so you can now make direct payments and share your online payment account information, including balances and transactions, using TPPs to whom you have given consent. It’s your choice whether or not to use TPPs, and we want to make sure you have the information you need to decide if it’s right for you.
Does this affect me?
Yes, if you use Your Accounts Online you will receive a letter to tell you about this, along with your updated terms and conditions.
Do I have to do this?
Yes, from 14 September 2019, Strong Customer Authentication (SCA) will come in to force. You’ll need to follow the on screen instructions to be able to access and use Your Accounts Online after this date. Every bank in Europe must implement these changes for customers.
When do I need to do this by?
Strong Customer Authentication (SCA) comes in to force on 14 September 2019. To use Your Accounts Online you’ll need to have SCA set up. We’ll help you do this by guiding you through the simple steps you need to take on your online banking screens.
What do I need to do?
When the time comes to make the change and you log onto your online banking, we’ll guide you through the simple steps you need to take on your online banking screens.
Why are you making these changes?
We want to protect what’s important to you, so helping you keep your personal details and sensitive banking information safe is our number one priority.
Can you tell me more about PSD2?
The Payment Services Directive 2 will standardise and regulate payment systems for both the banks and the new payment service providers known as Third Party Providers (TPPs). This means you can access more products and services to meet your needs. More information on the background to PSD2 is available here.
I’d like to view the updated Terms and Conditions?