The Payment Services Directive in brief
The Payment Services Directive is a broad set of rules that covers several areas of accounts and payments. The biggest new feature is that you as a customer will be able to share your account information and make payments through so-called third party providers. This means that licensed companies have the opportunity to retrieve your account information from us and to make payments from your SEB account, under the condition that you have given your approval.
New, secure standards
With the enactment of the Payment Services Directive, new and standardised ways for third party providers to operate in the payment services market are being introduced, both with respect to administration of payments and account information. This means that we at SEB will offer you as a customer the opportunity to use third party providers in a secure and standardised manner.
What is a third party provider?
A third party provider can, for example, be a company or a bank that offers payment or account information services. The third party provider’s services use transaction accounts with other banks. For example, a third party provider may offer a company to pay invoices and view account information in another interface than our own.
To be able to offer these types of services, the third party provider must have a licence from the Swedish Financial Supervisory Authority or equivalent authority in an EU/EEA country.
The Payment Services Directive and private customers
To be able to use services from a third party provider, you must always give your approval. If you do not give your approval, the third party provider will not be able to retrieve your account information or make payments for you. Once you have approved the service, we will share your account information with the third party provider or make the payment requested by the third party provider. After we have shared your account information, we no longer have control over it or responsibility for how the information is used.
The Payment Services Directive and companies
Starting on 14 May 2019 your company can share your account information and make payments via third party providers. Contact your client services to open up this opportunity.
To be able to use the service, your company always needs to give its approval. As soon as your company has approved the services, we will share your company’s account information with the third party provider. Thereafter will no longer have responsibility for or control over how the information is used.