New legislation for payments services - What does it mean for your business?

On 1 January 2018, we will implement improvements to our payment services that are of importance to your business as a customer of Danske Bank. The changes are the result of a new Danish payment services act entering into force on the same date.

The act is based on EU legislation, Payment Services Directive II (PSD2). The objective of the legislation is to increase innovation in the payment market, pave the way for new payment solutions and improve the conditions in the payment market for the benefit of customers.

 

What do the changes mean for your business?

Generally, you will experience the following changes:

  • International payments will take place faster. For instance, all payments in EU/EEA currencies will be available in your account on the same day as we receive the amount.
  • For payments to EU/EEA countries, the costs of the payments must be shared between the sender and the beneficiary.
  • Businesses may no longer charge a fee from their customers for card payments. This applies to both physical and online shops.
  • The possibility of viewing payment details from multiple banks using only one digital solution will be part of Danske Bank’s offering in the future.

Read more about the changes below

  • Faster international payments

    Faster international payments

    From January 2018, you will receive all payments in EU/EEA currencies faster – the amount will be available in your account on the same day as we receive the payment. This means that you will start earning interest on the amount already on the same day.

    If you make payments in euros that are exchanged from another EU/EEA currency, they will be executed in one day if the beneficiary is within the EU/EEA. This is an improvement because, today, it only applies to payments in euros without exchange.

  • Payment costs must be shared

    Payment costs must be shared

    According to the new rules, the costs related to payments to EU/EEA countries must be shared between the sender and the beneficiary. This means that the sender and the beneficiary each pay the costs to their own bank. This requirement applies no matter whether you create the payment yourselves in eBanking or Business Online or we do it for you.

    Payments to EU/EEA countries for which you, as the sender, pay all the costs are only an option in special cases. Call us on +45 45 14 00 00 or contact your adviser if you need this type of payment.
  • No fee for card payments

    No fee for card payments

    From January 2018, businesses may no longer charge a fee from their customers for card payments. This applies to both physical and online shops – and to personal cards and corporate cards with personal liability (except Diners and American Express cards). However, you may still charge a fee for payments by corporate cards with company liability.

    In addition, card holders will benefit from increased consumer protection, as the liability in case of card fraud will be reduced from DKK 1,100 to DKK 375. This also applies to holders of corporate cards.
  • Details from multiple banks in one digital solution

    Details from multiple banks in one digital solution

    PSD2 will enable you as a customer to give other banks and payment service providers access to information about your business’ payment accounts with Danske Bank.

    This new opportunity for exchanging information enables us and other providers of financial services to develop new services and get access to payment information across banks. This means that, in the future, we will widen our offering with the possibility of viewing payment details from multiple banks using only one digital solution. As a user, you always need to give your consent to the exchange of information.

PSD2 and open banking

PSD2 also helps to pave the way for open banking. In short, open banking means that banks will no longer be the only providers of financial services. This entails new technological opportunities for our customers and for us as a bank.

Learn more about Danske Bank and open banking.