New rules for payments

The big news is that the law becomes more extensive, now also covering new types of services for payments and to aqcuire account information, so called payment initiation services, and account information services. The change also brings updates aiming to strengthen the legal protection for cunsumers, increase customer value and facilitate for healthy competition.

The payment service law is updated in accordance to EU directive for payment services (PSD2) and in consolidated with laws regulating unauthorized transaction through payment services. 

Payment services

Payment services can be provided by other companies than the bank you have your account at. It may be provided by e-commerce companies that offer you direct payments from your account via a third party company. When you make such a payment you approve of the payment service company getting access to your account to register the payment. Your bank will then execute the payment as requested. 

Account information services

There are also companies offering services that collect data from your accounts. It could be through a website or an app. By using these services you can receive structured information about your accounts in one or several banks. When you use these types of services you approve of the company getting acces to your account to collect the information. 

Third party agreements

If you use payment or account information services from a third party, your agreement is with the third party company. According to the new law you should always be asked for your consent. Once you give your consent the bank will share your account information with the third party company.

This means that yur account information is given to the third party companies you have decided to use and that your bank no longer have contoll or is responsible for how the information is being used. 

If you do not wish to use service such as those descibed above, you can continue to do your bank errands in the same way as before. You will then not be affected by the new third party regulations. 

Thirt parties need a permit

To provide such services by receiving access to your accounts, the third party must have a permit from, or be registered at, Swedish Financial Supervisory Authority (Finansinspektionen) or a corresponding authority witin the EU/EES.

Unautorized transactions

Another change is that your deductible for unauthorized transation is lowered from SEK 1200 to SEK 400. However, your responisibilites remain unchanged. You may have to cover transactions up tp SEK 12 000 yourself, if the transaction has been possible because of you failing to follow the terms and conditions for how to handle your card or other poayment tool by acting irresponibly. 
 
If you have handled your card or other payment tools in a considerably irresponsible way, you need to cover the full amount of the transaction yourself. 

Contact the bank 

If a transaction from your account has been wrongly executed, or is unauthorized, you must make a claim to the bank, even if your payment was done through a third party payment service. If your claim is valid the bank will correct the transaction or repay the amount to you.

Repayment

If you have made a claim, the bank will investigate further and repay the amount as soon as possible if the claim is valid. In some cases the bank will pay out the amount before the investigation is finished. If the investigation shows that the claim is not valid, or that you do not have the right to the full amount, the bank will withdraw the money you need to pay back from your account.