The Payment Services Directive 2 (PSD2) is a European Union regulation that was introduced in January 2018. The changes implemented as part of PSD2 will further protect you against fraud, keep you safe online when making purchases, and when using your online banking services. These changes are happening right across the European Financial Services industry.
There are two main changes taking place under the Phase 2 of PSD2 that will affect you; Strong Customer Authentication (SCA) and Open Banking.
We have introduced an additional security measure, Strong Customer Authentication (SCA) for online card payments, which will make it more secure for you when you are making payments online.
We may ask you to complete authentication in one of two ways;
Authentication method one (Non app users)
Authentication method two (app users)
Please note: For our app users you may be required to complete authentication via the non app method at times
From the 29 June, some changes required under PSD2 regulation are being introduced to make online card payments more secure. All EU websites (e.g. retailers) that facilitate online card payments are required to implement another layer of security to provide additional protection for online card payments against potential fraud.
The Irish Banking industry has been working closely to phase in these requirements. As a result from the 29th of June any EU website that processes online card payments in excess of €30 must have the added security measures in place. If the measures are not in place, any transaction in excess of €30 cannot be processed and you should receive a message from the website to inform you if the transaction has not been completed. Please note: Any ATM, in-store card purchases, contactless payments or telephone initiated payments are not impacted by this change.
Strong Customer Authentication (SCA) further enhances your security when transacting online and reduces the risk of fraud. It won’t restrict current functionality but this additional security step helps keep you safe online.
Device enrolment is a process that will link your permanent tsb customer profile to your smart device (Mobile or Tablet) which will allow you to provide authentication where necessary.
For your security when accessing your payment account(s) online or completing certain online processes and payments, we need to verify that it is you.
This will be done by sending a push notification to your registered device. Push notifications are real time messages that pop up on your device screen advising you to authenticate certain online activity.
Changes being introduced under the PSD2 will offer you greater control over your data, giving you the option to securely share your online payment account information and make payments directly from your payment account by using authorised Third Party Providers (TPPs). This is known as Open Banking.
It is important to know that if you do not want to avail of these TPP services you do not have to. You are always in control. Permanent tsb will never share your information with a TPP unless they have your authorisation.
For full definitions of the above Third Party Providers and full definition of payment account, please see our General Terms and Conditions. (Please note, payment account also referees to Credit Cards, Debit and ATM cards)
In conjunction with other Irish banks and the BPFI, the following video has been produced. The video gives an explanation of the changes arising through PSD2.
We have also provided our customer with a synopsis of the changes applicable to them. Please click here to view the synopsis document.
If you are a Third Party Provider and wish to find more information on the permanent tsb Sandbox and Live Environments, please visit our TPP Developer Portal
In addition to the introduction of SCA and Open Banking, we have made other service and product changes in line with PSD2 and will continue to do so over the coming months. We will inform you of these changes through our various communications channels.
We have also added an additional security step to the password reset process on Open24.ie. This means that after you receive your temporary internet password through our automated phone service and go to Open24.ie to change your password, you will be asked to enter an authentication code sent to your mobile phone via SMS text message or you will receive a push notification to your registered device and you will need to enter 3 random digits from your 6 digit Personal Access Number (PAN).
Please note that you will not be able to reset your password if you do not have a valid mobile number registered with us. To ensure the mobile number we have for you is correct, please log on to Open24.ie on a desktop or laptop and click on your personal settings.
This change will not apply to customers registering for Open24 or Business24 in a branch via the branch kiosk.
On 19 September 2019, we removed the Text Banking facility. As a result, you can no longer carry out the following via text message:
Please note all of the above functionality is still available via Open24.ie and the Mobile Banking App.