With the last requirements clarified, BEC is close to target for PSD2

The PSD2 directive entered into effect in September 2019, but the last technical requirements for Danish banks were not ready until October 2020. By January, BEC will be line with all requirements – except one awaiting MitID. The Danish FSA intends to issue orders on the outstanding requirements.

The Danish BEC banks are now very close to meeting the requirements of the PSD2 directive for third-party access to account and payment information and to initiate payments.

The directive entered into force in September 2019, but since then new clarifications have been received from the Danish Financial Supervisory Authority and the European Banking Authority (EBA). BEC has therefore been in continous dialogue with the Danish Financial Supervisory Authority and updated our PSD2 solutions as the authorities have clarified the requirements.

There are currently three requirements pending, one of which was finally clarified in May 2020, while the other two were finally clarified in October 2020.

Solutions to two of these requirements are being completed by BEC and will be implemented in January. These two requirements relate to so-called ‘app-to-app switch’ and the possibility of selecting an account via a list when a customer initiates a payment with a third party.

The third requirement – so-called ‘single SCA’ (strong customer authentication in one step) – is best developed in the new MitID, which replaces NemID during 2021.

BEC has been informed that the Danish Financial Supervisory Authority intends to issue orders to some BEC banks regarding these requirements.