There's a new European directive, which may already be familiar to you: the PSD2 (Payment Services Directive). The most significant change is that you will be able to give a company or organisation access to your current accounts.
One of the main objectives of PSD2 is to boost competition and innovation in the area of payment services. Alongside banks, other companies and organisations will soon be able to process payments and initiate payment services. This can only be done with your permission. As a customer, it can be convenient for you not to have to collect and send financial details yourself, for example, when applying for a loan.
That depends. A company or organisation can only access your current accounts or initiate payments on your behalf with your permission. If you do not give this, nothing will change for you.
Access to your transactions from the past 18 months. You might, for example, give a mortgage lender permission to request your account details as part of their assessment of your mortgage application.
When you make a purchase online, for example, you give the online store permission to initiate a payment on your behalf. The online store then initiates a payment for you, just as you do now using iDEAL or with your credit card.
It is of course important that you continue to take good care when it comes to your banking, and you should make a careful assessment before choosing to share your current account details. Bear in mind that the company or organisation you are granting access to your current accounts will be able to see your entire transaction history from the past 18 months. It is also important to remember that ABN AMRO is never a party in any conflict between you and the company in question.
