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PSD2 - easy explanation?

  • 27-08-2019 3:06pm
    #1
    SusanC10
    Registered Users, Registered Users 2 Posts: 2,432 ✭✭✭


    Does anyone understand how this will affect ordinary people ?
    I was reading about it today don't understand how it will affect us. I don't want 3rd Parties having access to my Online Banking.

    Can someone explain in easy terminology please ?

    TIA.


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,612 Mod ✭✭✭✭Jim2007


    SusanC10 wrote: »
    Does anyone understand how this will affect ordinary people ?
    I was reading about it today don't understand how it will affect us. I don't want 3rd Parties having access to my Online Banking.

    Can someone explain in easy terminology please ?

    TIA.

    It's optional, it is you to decide if you want your bank or another party to deal with your transactions etc...


  • #3
    SusanC10
    Registered Users, Registered Users 2 Posts: 2,432 ✭✭✭SusanC10


    Thanks Jim.
    So, I can continue to do what I am doing. Which is using Online Banking from my Laptop, paying Bills by Direct Debit from my Bank Account and paying for stuff online using my Credit Card without giving Utility Providers or Retailers access to my Bank Accounts ?


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    The only thing you will probably need to do is respond to your bank if/when they tell you that they want to verify your contact details in advance of PSD2. They may ask you to verify your mobile phone number like they might send you a code in an SMS message and ask you login to your bank account and enter that code on ther website to verify that it is your mobile and they may do the same sort of procedure to verify your e-mail address.

    Other than that, you need do nothing if you want to carry on as before. Nobody will get access to your account without your explicit approval.


  • #5
    SusanC10
    Registered Users, Registered Users 2 Posts: 2,432 ✭✭✭SusanC10


    Thank you. Good to hear. Appreciate the replies.


  • #6
    Delta2113
    Registered Users, Registered Users 2 Posts: 2,799 ✭✭✭Delta2113


    In future when you want to log in and do some online banking using laptop,P.C.,tablet you will probably still need to have your mobile with you to get a code or tap in an app to authorize log in.


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  • #7
    ytpe2r5bxkn0c1
    Closed Accounts Posts: 32,688 ✭✭✭✭ytpe2r5bxkn0c1


    Delta2113 wrote: »
    In future when you want to log in and do some online banking using laptop,P.C.,tablet you will probably still need to have your mobile with you to get a code or tap in an app to authorize log in.

    What happens if your home has no reception for mobiles?


  • #8
    SusanC10
    Registered Users, Registered Users 2 Posts: 2,432 ✭✭✭SusanC10


    I don't want to use a Banking App. So AIB have sent me a Card Reader instead.


  • #9
    Delta2113
    Registered Users, Registered Users 2 Posts: 2,799 ✭✭✭Delta2113


    Skyla Petite Bill wrote: »
    What happens if your home has no reception for mobiles?

    - You don't get to do your banking.


  • #10
    Alun
    Registered Users, Registered Users 2 Posts: 21,499 ✭✭✭✭Alun


    Skyla Petite Bill wrote: »
    What happens if your home has no reception for mobiles?
    I don't know what bank you're with, but with AIB the 2FA appears (and I say 'appears' because the actual details given by them of the mechanism used and when it's done are very sketchy) is done via the AIB app, not via text message. Presumably if you're using online banking in the first place then you also have internet access on your phone so it should work OK.

    I'd still like to know from my bank exactly how this works in some detail, as I can imagine some circumstances, especially when travelling in more remote places that it would be possible to get caught out by unforeseen technical glitches. Especially if you end up having to rely on SMS codes somehow, as there's no guarantee that whatever flaky roaming partner you may end up relying on for them might not actually forward on the code, which has happened in the past.


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