Frequently Asked Questions (FAQs)
PSD2 widens the scope of the PSD by covering new services and players as well as by extending the scope of existing services (payment instruments issued by payment service providers that do not manage the account of the payment service user), enabling their access to payment accounts.
PSD2 includes transactions with third countries when only one of the payment service providers is located within the EU ("one-leg transactions")
Under the current regime payers’ liability for unauthorised transactions is currently capped at £50 in the UK - unless the payer has acted fraudulently or has, with intent or gross negligence, failed to comply with the conditions governing their use of a payment instrument or failed to notify the PSP without undue delay on becoming aware of its loss, theft, misappropriation or unauthorised use. Under PSD2, the liability cap is reduced to £35. Payers will only be liable in cases of user fraud, gross negligence or failing to notify their payment service provider without undue delay on becoming aware the loss.
We will give a full response to complaints that involve rights and obligations under PSD2 within 15 days. If there are exceptional circumstances, this is extended to a maximum of 35 days and we will send you a holding letter in the interim.
PSD2 requires Strong Customer Authentication (SCA), which is also known as two-factor authentication. Effective 2019, we will offer to use SCA whenever you access your payment accounts online, make an electronic payment or carry out any action through a remote channel which may carry a risk of fraud or abuse. SCA is made up of two or more elements, including knowledge (something you know, such as a password), possession (something you have, such as a card or mobile device) or 'inherence' (something you are, such as a fingerprint or voice recognition).
You can allow another third party service provider, with your clear and specific consent to make an online payment or access your account on your behalf. You are advised to exercise caution while giving your consent to a third party service provider and this should be done only with a registered or authorized service provider. Further, ICICI Bank UK Plc. recognised TPPs will be published on Bank’s website.
The Bank reserves the right to stop or block a payment instrument when we have reasonable grounds relating to security, suspect unauthorized or fraudulent use of payment instrument. However, before blocking or stopping a payment instrument we will contact you to inform you of our intention and reason for doing so.
Payments in currencies where the originator and beneficiary are in EEA countries the charges will be shared between the payer and payee.
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