A draft law passed by the federal government today is intended to ensure greater security and lower costs for consumers when paying online or shopping at the checkout by credit card. Current information from the banking association.
In the bank letter, the Association of German Banks provides information on current news and events from the world of finance and banking every day.
More security and lower costs for consumers when paying online or shopping at the cash register by credit card: This is provided for in a bill that the Federal Cabinet passed today. As of 2018, merchants should no longer be able to demand separate fees for card payments, transfers, and direct debits. The Federal Government is thus implementing the EU Payment Services Directive (PSD2). At the same time, the protection of consumers when shopping online via credit card or online banking is to be increased.
Customers will have to identify themselves with at least two authentication features in the future, for example with a card and a transaction number (TAN). Such strong authentication would have to require payment service providers for high-risk payments. Justice Minister Heiko Maas said, “The often annoying fees charged by merchants for credit card payments, SEPA transfers, and direct debits are eliminated in most cases.” The legislative plans also envisage further opening payment transactions in the EU to non-banks.
For example, banks and savings banks should provide regulated service providers with access to their customers’ account details. In this connection, the banking industry referred to the effort, among other things, through the bank interfaces to be set up free of charge by third-party providers. But there are also new market opportunities for the institutes.
That was also important today:
Only 12 percent of consumers consider the classic savings book attractive in view of the mini-interest rates. Nevertheless, 40 percent consider this type of investment to be preferred. This was the result of a GfK survey published today. There is also a discrepancy in occupational pensions, which 42 percent consider worthwhile but only use 18 percent.
The purchase of a property (46 percent), the home savings and loan agreement (29 percent), the private pension insurance and the private life insurance (both 21 percent) and the call money account (18 percent) were also classified as popular investments. 23 percent said they would deposit their savings at home or anywhere else.
Established credit institutions are accelerating so as not to fall behind the FinTech companies when digitizing the banking system. “Digitalization is revolutionizing many business models,” said Florian Frank, banking expert at management consultancy Willis Towers Watson. Many financial institutions are successful in adapting to this change. HypoVereinsbank is breaking new ground.
She has installed a reverse mentoring program: trainees coach the managers in their role as “digital natives” and explain how to use Web 2.0, social networks, forums, and blogs. “We do this on both sides on a voluntary level,” said HR Manager Ulrich Leckner-Grevel. “But almost all managers are enthusiastic because they understand that these issues are extremely important to the bank.”