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PSD2-konformes nachhaltiges Banking mit Device Binding

Introduction of PSD2 at Tomorrow

As if there weren’t enough strange abbreviations in banking, another one is coming: PSD2. Sounds complicated, but it’s all good news for users. As of mid-September, compliance with the EU Payment Services Directive (PSD2) is compulsory for all online payment transactions. As a result, for example, online shopping seems to be getting more complicated, and the directive will above all ensure greater security in online payment transactions and exciting competition among third-party providers. How do are we approaching the PSD2 introduction at Tomorrow?

2-factor authentication at Tomorrow: Fast and secure!

To meet the requirements of the PSD2, all online payment transactions must be secured by mid-September 2019 using a so-called “strong customer authentication” (SCA: Strong Customer Authentication). It is no longer sufficient, for example, to type in credit card numbers with check digits and expiry dates for online purchases - and that’s a good thing! Online banking will be considerable safer for you as a customer. In addition to your personal login, we’re introducing another security element in the future to ensure that only you have access to your account. This is called 2-factor authentication (at least two of the three factors knowledge / possession / being must be fulfilled).

Link Smartphone and Account: Our Device Binding

At Tomorrow we provide this authentication via your login via fingerprint / PIN (being / knowledge) as well as quite simply - and this is the innovation - via device coupling (possession). It’s called Device Binding. To do this, you connect your smartphone once within a few seconds with your Tomorrow account and can continue to log in super fast and secure as usual. All without additional TAN readers or TAN inputs for each individual transaction. (And beware of rip-offs: we only use device binding in the context of authentication. We never ask you to specify login details anywhere else!)

Do you have questions about the PSD2 introduction at Tomorrow?

Perhaps you’re still not quite clear how authentication is completed at Tomorrow or how you are affected by these changes? Here we have put together the most important FAQs related to PSD2 and of course we are always there for you in Customer Support!

Payment Service Directive 2 (PSD2) in a nutshell

PSD2 stands for Payment Service Directive 2, which means Payment Service Directive Version 2 (as the successor to the 2007 PSD1 Directive). The directive has been in force since January 2018 and comes from the EU. Many contents have actually been implemented without most of them having heard about it. As of 14 September, 2019, there will be some new features that consumers will notice when dealing with online banking.

In addition to 2-factor authentication, another innovation refers to standardised interfaces for third-party providers. This means that they can access your bank details, if you want to use the corresponding services. For those who are ‘t quite sure what we’re talking about: These interfaces are called banking APIs and can, for example, be used by fintechs (such as Tomorrow), who offer digital banking services with their own apps. Only with your consent, of course!



11 September 2019