We offer a payment initiation service for private and corporate customers who have a bank account with SEB or Citadele bank in Latvia, Lithuania and Estonia or a Swedbank account in the Baltic States (Lithuania and Estonia), or an LHV bank account in Estonia. Customers will be able to make payments from these accounts to another bank in the same country using Swedbank Latvia Internet Banking.
Remember! Even though a payment form is filled out in the environment of Swedbank Internet Banking, the payment order will be executed in the bank that holds the account from which the payment was initiated.
Before starting payment initiation – please onboard your other bank’s account to the Swedbank Internet Banking system and/or check if access to it is still valid. Please find out how to do this and the rest of the most important information about the payment initiation service here.
EU rules mean your electronic payments are becoming cheaper, easier and safer.
On 14th September 2019 in EU amendment to Second Payment Service Directive (PSD2) Regulatory technical standards (RTS) becomes in force defining measures of practical implementation of PSD2.
New technical standards for online card purchases take effect on 1 January 2021.
Requirements for Strong Customer Authentication (SCA) and common open standards for communication between different service providers will come into force to make payments even more secure. Along many other requirements to which service providers will gradually adopt their payment processes, for online card payments it means that SCA will be required.
Strong Customer Authentication (SCA) means that an authentication is made based on the use of two or more elements categorised as Knowledge (something only the user knows), Possession (something only the user possesses) and Inherence (something the user is).
For SCA authentication elements are categorised
For SCA authentication must be use two elements out of these three.
Authentication methods compliant with SCA provided by Swedbank:
Payments in store:
Payments in store will be processed as usual either by confirming the payment with the PIN code or using contactless card, smart watch or other device.
Along with implementation of RTS, stronger authentication means will be used for online shopping. It indicates that merchants will be verifying identity of cardholder by requesting SCA. This would require merchants to ensure technical solution called 3D-Secure – identity confirmation method in web environment already used by e-commerce merchants today.
It is important to note, that more and more online shops will ask to authenticate payment strongly, that means to reapprove it with authentication measures: Smart -ID, National ID, or PIN generator.
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