The revised payment services directive ("PSD2") has
already been implemented in Hungary, most of the provisions will be
effective on 13 January 2018. PSD2 will open up the payment market
to new players ("fintech companies") in the payment
services, particularly to payment initiation service providers
("PISPs") and to account information service providers
("AISPs"), and introduces strict security requirements
for the initiation and processing of electronic payments (strong
customer authentication – "SCA").
The new regulation will have an effect on the banks as account
servicing providers, since they will be required to enable fintech
companies to access certain data in order to initiate payments and
to access their customers account information. Also, there will be
changes in the liability of the banks for payment transactions. If
a payment transaction is not authorized by the consumer in line
with the requirements, the account servicing bank of the payer must
refund
