New regulatory framework for payment services in 2018


The first Payment Services Directive was implemented in 2009. The purpose was to promote a well-functioning and common European market for payment services and make it easier to pay between countries within the EU and EEA. Through PSD1, it became possible for non-banks to offer payment services.

A new Payment Services Directive (PSD2) was implemented on 13 January 2018. Norway as an EEA country will implement the directive in Norwegian law later in 2018.

PSD2 will make the banking infrastructure even more accessible to third parties that want to provide payment-related services. Banks must, if the customer so wishes and agrees, give authorised third parties access to the customer’s account information and transaction history. These can be both competing banks and other institutions. These service providers will also be able to initiate payments on behalf of customers directly from the customer's account.

New roles in the payment value chain
PSD2 will introduce new roles in the payment value chain:

1. "Payment Initiation Service Provider" (PISP)
A business that is approved as a PISP can initiate payments from a bank account based on an agreement with the account holder without a prior agreement between the PISP and the account servicing payment service provider.

2. "Account Information Service Provider" (AISP)
A business that is  approved as an AISP can aggregate data on payment accounts in several banks without prior agreement between the AISP and the account servicing payment service provider. In this way an AISP can offer relevant management information to their customers.


In order to facilitate information exchange, banks must develop standardised interfaces (Application Programming Interfaces, APIs) that all approved players will be able to easily connect to in order to exchange information.

DNB has been developed APIs for Norway and its branches in the EU. Third parties that want access to accounts held with DNB in Norway before PSD2 has been implemented in Norwegian law have to contact the bank first.

Consequences for payments
PSD2 means stricter requirements when it comes to value dating.  Now banks must give same value for all incoming payments without exchange. The same applies to payments where there is an exchange between two EEA currencies.

Costs for an international payment are normally charged where they occur. With PSD2 this option is mandatory for all payments between accounts within the EU/EEA.

Implementation in DNB
It is now possible for third parties to access payment accounts with DNB in Sweden, Denmark, Finland, Germany and the UK.  The same access to accounts with DNB Norway will be made possible during the first quarter of 2018.

DNB outside Norway is already PSD2 compliant when it comes value dating. DNB in Norway will implement same day value for nearly all incoming payments during the first quarter of 2018.  Shared charges only has been implemented for all payments between SEPA countries.

Positive for corporate customers
PSD2 will create new opportunities for companies that operate within the EEA.

PSD2 will lead to increased competition and innovation within payment services. New and more efficient payment solutions will be developed. Parallel to this, transaction and account information will be made more accessible. This will improve companies' liquidity management and risk management.

For the largest corporate customers,  PSD2 can help remove friction between banks and customers' systems. Banking services can be even more closely integrated with customers' own systems, giving them an even better overview of their overall financial position across all banks. For smaller companies that do not have comprehensive systems themselves, cost-effective services and solutions will be developed to aggregate and automate accounting and banking information. The companies will then be able to effectively handle and keep control of various bank connections throughout Europe in a way that was not previously possible due to too high costs.

Simpler and more standardised data exchange between banks and companies may result in significant efficiency gains for both parties. The reconciliation and compilation of banking and accounting data may be further automated, companies will gain access to more extensive information in real time, and it will be easier to compile important management information for decision makers.

DNB will, as a dominant player in this market, actively participate in these changes in order to facilitate new and better solutions in 2018. DNB wants to build on the new infrastructure to be able to offer our corporate customers the best and most value-added services in the market. DNB has broad expertise within payment services and will be happy to discuss issues relating to PSD2 with its customers.

DNB is working on making international payments better both inside and outside the EEA. This includes transfer times, charges and transparency.  

Read more about international payments and changes due to PSD2