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The Netherlands implements payment directive PSD2

Netherlands has introduced the European Payment directive PSD2. From Tuesday, companies at De Nederlandsche Bank can apply for permits for access to bank accounts in order to offer new services.

The Netherlands is the last European Member State to introduce the Payment Services Directive , or Payment Services Directive 2 . The directive enables new online payment and account services, in which, in particular, financial tech companies with, for example, apps can jump into. The most important change is that companies can have the possibility to access bank accounts of consumers and companies and to carry out transactions. The account holder must give permission for this.

The companies must also have a permit. They can report to DNB from Tuesday onwards. Permission from another supervisor from the European Union is also possible. Then, for example, financial service providers can make payments for account holders as intermediaries. They can also analyze spending patterns and provide insights and advice based on this. The expectation is that new providers will compete with traditional banks in this way, the only parties that have been able to settle accounts with customers themselves. For example, in Lithuania , Google has registered for a license.

According to banks, the payment directive will provide overview and convenience, for example by bundling account statements from various banks in a single app. Critics such as the Consumers’ Association point to the risks , such as too lightly permission to view bills. PSD2 also contains rules about transparency with regard to, for example, costs and exchange rates, and web shops may no longer charge surcharges for credit card payments.

In fact, the implementation date was 13 January 2018, but the government decided to postpone ‘for a careful consideration of all interests’. The Senate agreed in December, after which the implementation procedure could be completed.

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The Netherlands implements payment directive PSD2

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