PSD2 - what is it and what does it mean to Swish users?

Recently, the new EU directive PSD2 came into force, but like many other regulations it can be a tricky path to follow. Below we try to briefly explain the new directive and what it means for users of Swish.

Briefly, PSD2 (Payment Service Directive 2) implies that third-party providers are now allowed to retrieve account data on users, data that was previously monopolized by the banks. The purpose of the directive is to create better conditions for combating fraud and opening up fair competition between different payment services in Europe. Not that bad, huh?

As part of PSD2, there is also SCA (Strong Customer Authentication). SCA means that stronger authentication is now needed when initiating payments online, for example in the form of signing with BankID or a bank card reader.

If you’re a Swish user, you can feel confident that we have the situation under control. In fact, we’ve had the situation under control since the start back in 2012, as payments in Swish always have required signing with BankID. In other words, you can continue swishing on as usual!

/Charlotta Lindblad, content and community manager
Contact: charlotta.lindblad@getswish.se

19 september, 2019