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PSP White-label (PSD2) - Value-added services for your customers
The 2nd Payment Services Directive (EU) 2015/2366 (PSD2 for short) replaced the previously applicable Payment Services Directive (PSD1) from 14 September 2019 and significantly developed it further.
It thus paved the way for the development of new and innovative payment systems and at the same time takes into account the increased requirements for data protection and security of electronic payments.
In addition to security for the end customer, the directive brings a multitude of opportunities for payment service providers (PSPs). PSD2 thus ends the monopoly position of banks and savings banks on account information.
As a certified payment service provider, we are able to offer you various value-added services based on PSD2. Access account data easily and securely in real time.
Payment initiation service and account information service with Pagateq
Access to online accounts facilitates many processes and new use cases are emerging. Whether you want to provide your customers with comprehensive financial analyses, simplify your onboarding process or simply process payments - we provide you with the right service:
Payment initiation service (PIS) - direct initiation of payments
Via the payment initiation service, the invoice amount is instructed and released by the customer directly at his house bank for transfer to the merchant within the framework of the order process.
The merchant receives a confirmation of execution directly afterwards. We are always at your side as the payment initiation service provider.
Account Information Service (AIS) - granting access to account data
This service makes it possible to provide clients with an aggregated overview of all their financial data. For this purpose, the account data is requested from all banks acting for this customer. Prerequisite: The payment accounts are accessible online and the account holder has agreed to the procedure. Access to individual or all accounts can be revoked at any time.
With our API, you have access to all relevant banks in Germany. It does not matter whether you have your own PSD2 licence or want to use our licence. As an account information service provider, we support both use cases.
Further countries are already being planned!
Have we made you curious? Then please feel free to contact us!
What is Payment Service Directive 2 (PSD2)?
The EU directive PSD2 affects all digital payment methods.
PSD stands for Payment Service Directive, with which the European Union (EU) newly regulates the relationship between all payment service providers. The main issues here are:
increasing the security of payment transactions,
strengthening consumer protection,
the promotion of innovation and
increasing competition in the market.
The EU's declared goal is to allow all payment service providers - whether established banks and savings banks or fintechs - to operate under the same framework conditions in the future.
What are the implications of PSD2 for banks, third-party providers and consumers?
To strengthen consumer protection, the PSD2 calls for "strong customer authentication" in particular. For this, the new directive prescribes the following three groups of factors:
Knowledge (e.g. password),
Possession (e.g. smartphone or one-time password) and
Identity/Inherence (e.g. fingerprint).
The exact form of the additional authentication for the individual customer is determined by the respective bank.
Two factors from the aforementioned groups must be requested for each payment. The two-step verification helps customers to make their payment even more secure when shopping online. As a result, the established 3DS procedures of the credit card schemes had to be further developed.
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