What is PSD2?
Strong Customer Authentication
One Time Passcode
What is PSD2?
Payment Services Directive is an EU directive to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA).
The Directive's purpose was to increase pan-European competition and participation in the payments industry also from non-banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations for payment providers and users
Strong customer authentication (SCA)
What is SCA?
The principle of SCA is to increase security for electronic payments and accessing you online banking account through the introduction of two factor authentication protocols.
This is a security process in which you may be asked to verify your identity in two different ways such as with a password or a one time passcode.
|IMPORTANT: You need to take action to make sure you can continue shopping online with your Avant Money credit card. Please read the below carefully and update your account today in online banking.|
Setting up your security questions
It’s really easy. Just go to your online banking account and select your five personalised security questions today. You’ll only ever be asked for one question at a time. If you are not yet registered for online banking, you can do so by going to our website and selecting the ‘LOGIN’ button. Our Customer Service Team cannot set up your personalised security questions over the phone, you need to complete it online.
To set up your five personalised security questions:
1. Log into your online account
2. Go to "Settings" and select "Security"
3. Select "Security Questions"
4. Choose your five questions and answers
5. Select "Save"
Settings for additional card holders
Every cardholder on your account also needs to set up their personalised security questions. They will need to register for online banking to complete this process. Please ensure any Authorised User on your account is made aware of this, so that they can continue to shop online.
What happens next?
Once you have your security questions in place, you can expect to occasionally see a prompt for an OTP and security question when using your card online.
Be sure to have your phone nearby to receive your OTP.
Need more help?
Please see below for some questions you might have or you can watch this video from the Banking and Payments Federation Ireland (BPFI). Our Customer Service Team cannot set up your personalised security questions over the phone, you need to complete it online.
How many security questions will I be asked?
You will only ever have to answer one question along with using the One Time Passcode (OTP) you will receive by text message.
I never shop online - do I need to do anything?
Not immediately; however, if you decide to shop online in the future, you will need to:
- Log into your credit card online account, or complete registration if required.
- Update your contact details in the Settings menu
- Complete the five security questions
What happens if I don’t set up security questions?
You will not be able to complete certain transactions where that detail is requested.
What happens if I enter the security answer or the OTP incorrectly?
The transaction will not be approved and you will have to try again.
Security questions for additional card holders
Yes, all cardholders will need to register for their own online banking account and complete the questions and answers separately.
One time passcode
What is a one-time passcode?
A one-time passcode is a random number that Avant Money will send to you in real time via a SMS text message to your mobile device. One-time passcodes help make your online banking and transactions more secure.
When will I need a one-time passcode?
You will be asked to enter a one-time passcode on some occasions when banking online or carrying out 3D secure transactions.
If you have not logged into your online banking account with the past 90 days you will be prompted for a one-time passcode.
You may also be prompted for a one time passcode on other occasions such as when updating contact details, for example, your home address or email address.
Please note, Avant Money will never ask you to complete Strong Customer Authentication by clicking on a link in an EMAIL or a TEXT message.
You should never disclose a one time passcode to anyone. If you have disclosed your one time passcode at any time please contact us immediately.
How do I get a one-time passcode?
One-time passcodes are sent via SMS – Please ensure your mobile number is up to date for all credit card accounts that you have with us.
How quickly will I receive a one-time passcode via text message?
When you perform a transaction that requires a one-time passcode, you will usually receive the passcode in seconds. In exceptional circumstances it could take longer and can depend on your network coverage. You will need to verify your network coverage and your ability to receive text messages with your network provider.
How long is a one-time passcode valid for?
The one-time passcode must be used within 10 minutes of it being requested.
I didn’t receive a one-time passcode, what do I do now?
There is an option to re-send the one time passcode. Before resending please check that the last 4 digits of your mobile number are displayed in the notification. If they are incorrect, please call our Customer Services team to have them updated.
If your number appears to be correct but you are still not receiving the passcode you may need to check with your mobile network operator in order to confirm that your mobile phone is able to receive automated SMS messages.
You will have 5 attempts to resend before the resend link is disabled. In this event please contact us on 0818 409 511 to have it reactivated.
My one-time passcode is blocked what do I do?
Please contact our Customer Services team on 0818 409 511. They are available from 8am to 8pm Monday to Friday, and 8am to 2pm on Saturdays, excluding Bank Holidays.
How can I check or update the mobile number you have on file for me?
You can update or check the mobile number that we have on file for you by navigating to the contact details section of your online banking account.
Can I opt out of receiving one-time passcodes?
No, as part of PSD2, Strong Customer Authentication is a regulatory requirement that all banks and financial institutions must comply with.
What is Open Banking
PSD2 also gives you the option to securely share your online payment account information with authorised providers you trust known as third party providers (TPP’s). This is known as Open Banking. If you choose to, you can share your online credit card data with one of these providers.
If you do not wish to share your data with one of these providers then you do not have to do anything, therefore you are always in control.
Is it safe to share my data with a TPP?
Yes. One of the key areas of PSD2 is introducing increased security for customers. A TPP will be regulated in the same way that a Bank is, and so must follow the same laws to keep your information safe and secure.
I don’t want to share my data with anyone; do I have to opt out of these changes?
No. We will never share your data with a TPP unless you specifically request us to and have given your consent to the TPP provider for this.
If you are a Third Party Provider offering AISP services and are interested in testing with Avant Money please contact us at: email@example.com and we will get back to you with further details.
Avant Money has partnered with Token.io (UK) to provide and support the Avant Money open banking and dedicated access requirements.
Token provides a global open banking API solution that connects easily with an institutions existing infrastructure, the SDK provides the tools you need to get started with Token’s sandbox.
Our Accounts API’s will enable you to access account information, account balances and transactional history on customer accounts.
Our Accounts endpoints provide data for account balance and transactions with various statuses, including:
Transactions that have fully posted - This data is fully posted to our accounting system and reflects all transactions that have been fully processed on the dates specified.
Transactions being processed - An example here are card payments recently carried out at a point-of-sales (POS) terminal or on-line but have not yet been processed to the customer’s account.
Our endpoints are:
Quarterly comparison table
01/10/20 - 31/12/20