{"id":16969,"date":"2021-09-20T21:00:00","date_gmt":"2021-09-20T19:00:00","guid":{"rendered":"https:\/\/www.11onze.cat\/?p=16969"},"modified":"2021-11-17T10:25:25","modified_gmt":"2021-11-17T09:25:25","slug":"all-accounts-one-place-more-secure","status":"publish","type":"post","link":"https:\/\/www.11onze.cat\/en\/magazine\/all-accounts-one-place-more-secure\/","title":{"rendered":"All accounts in one place and more secure"},"content":{"rendered":"
\n
\n\n\n
\n
\n

PSD2 is the European directive that regulates electronic payment services in the euro area. The new regulation, which updates the one from 2007, introduces strong measures in the field of cybersecurity. 11Onze will be guided by this directive. We explain its advantages to through agent Jordi Oller.<\/b><\/h3>\n\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n\n
\n
\n
\n
\n
\n
\n
\n \"\"\n
\n \n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n
\n
\n\n\n
\n
\n

The new PSD2 directive came into force in Spain in December 2020, following the approval of <\/span>Royal Decree-Law<\/span><\/a> 19\/2018 on payment services. This regulation sets out the rights and obligations of both institutions and customers with regard to payment services. “<\/span>It seeks to meet the security needs in a context of strong technological advances<\/b> in the field of e-commerce,” Oller explains.<\/span><\/p>\n

PSD2, therefore, <\/span>regulates all payment transfers, direct debits, card payments <\/b>and other banking transactions in Europe, and aims to make all payment services in the financial sector <\/span>more transparent, more competitive and more innovative.<\/b><\/p>\n

 <\/p>\n

Protecting ourselves from cyber-attacks<\/b><\/h3>\n

First, PSD2 introduces strong measures in the field of <\/span>cybersecurity.<\/b> Among other things, a <\/span>double authentication<\/b> or reinforced authentication when allowing banking transactions, a procedure that substantially reduces the risk of identity theft. It is for this purpose that financial services institutions have to offer their customers an API, i.e. an Application Programming <\/span>Interface.<\/span><\/a> “The new APIs give flexibility, simplify design and use and allow innovation in new services,” says our agent 11Onze. At the same time, these financial institutions have to share information with other companies, as long as they have the customer’s consent.<\/span><\/p>\n

In addition, now, with PSD2, companies cannot access customers’ sensitive financial data. And banks have to establish account access, the so-called <\/span>XS2A<\/b>, which is popularly known as <\/span>open banking<\/b>, because they are obliged to provide the necessary interfaces so that people can access their account data, provided they have given their consent. “So, for example, users <\/span>can view all their accounts in one place<\/b> or make online payments by bank transfer,” Oller explains. You may have read it at La Pla\u00e7a. <\/span>From October 1st, 11Onze’s interface will be <\/b>El Canut<\/b><\/a>, a state-of-the-art application, a digital wallet where you can make all kinds of different transactions and manage several accounts at the same time.\u00a0<\/span><\/p>\n

The new PSD2 also offers solutions to ensure that transferring of sensitive data, via APIs, is carried out <\/span>without any risk for the client<\/b> and that data protection is guaranteed by two different means: the QWAC certificate and the QSealC certificate. For online transactions, therefore, it is no longer sufficient to ask for the customer’s debit or credit card, but a double authentication (Strong Customer Authentication, or SCA) is also required. In short, at least two of the following three factors are required for a transaction to take place:<\/span><\/p>\n