The "Payment Services Directive 2" for Business

2019. There is a new guideline for payment services: PSD 2. A lot has been written and talked about it already. So what's in it for you, as an entrepreneur? Take a look at what will soon be possible.

Easier payments, a better overview

The new law provides that you can give someone else access to your current account. Why would you do that? Well, then your accountant can view your transactions, for example. And a company that you often work with can start payments. But only if you want to.

Only with your permission

You decide which services you want to use. And whether you share payment data. Something only changes if you give explicit consent. Otherwise not.






How do you give (no) permission?

Many customers are afraid that they will give companies unnoticed access to their account information through PSD 2. The question we often receive: "can I prevent that?" and "can I log out somewhere?" How do you actually ensure that your data remains yours? 

What should you pay attention to?

Sharing data with other banks and companies can therefore be useful. Companies that offer payment services meet strict requirements. But always keep wondering to whom you trust your data and what it is used for. 
Are you planning to give another company access to your account information? Then take a look at the conditions and investigate what they use your data for. That differs per company. You will often find this information in the privacy policy of a company. 

In addition, the new PSD2 regulations can be a reason for criminals to send phishing emails. So be alert to that.



Connect as a payment service

Developers and payment services find all the information they need on ING's Developer Portal to connect to ING's PSD 2 related APIs.

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