The implementation of the European payment directive “PSD2” brings a lot changes to our application. Here is what you should know.
- Slow implementation from banks may disrupt some of our app features
- Numbrs will have to disable some features due to PSD2 directives
Numbrs, like all European banks, payment service providers and FinTechs, must implement the provisions of the Second Payment Services Directive “PSD2”. The goal of PSD2 is to increase security and competition in digital banking. This means that starting this week, a lot will change in our app.
What does this mean for you as a user?
Since last week, banks are gradually adapting to the PSD2 guidelines. This is a technical process that can vary in length and complexity from bank to bank.
For us, it means that we are dependent on timely implementation from every bank we integrate with. Unfortunately, the implementation by the banks is progressing rather slowly. As a result, there may be disruptions to the following features in the coming days and weeks:
- Bank accounts: In some rare cases, there may be problems with the connection between Numbrs and the bank.
- TAN entry: Some banks require TAN authentication each time the app is updated. This transition may cause problems with TAN input in the Numbrs app.
- Speed: In some cases, updating account transactions can take up to several minutes.
Unfortunately, in order to fix the issues listed above, we are dependent on the banks and their progress in implementing PSD2.
Some features have to be disabled due to the PSD2 policy
As part of the new PSD2 directives, we need to disable some features of the app. This is not due to limitations in our technology, but solely to adhere to the provisions of the PSD2 directive. These features include:
- Future Timeline
- Scheduled transfers in the timeline
- Standing orders
- Numbrs does not capture a PIN
Some of you may have noticed already, since the last update, the option to “Remember PIN” has been removed. This means that we will no longer be able to save your PIN to facilitate your bank access. Once again, this feature was removed in order to follow PSD2 directives.
We thank you for your understanding and hope that the PSD2 transition will be completed in the next few weeks.