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How does PSD2 affect my contracts with the entity?

Please see below for details of the modifications applicable to all contracts you have in place with us in accordance with the Payment Services Act 16/2009, of 13 November, partially modified by Royal Decree-Law of 24 November 2018 in line with PSD2 (Directive 2015/2366 of the European Parliament and the Council of Europe on payment services in the internal market, of 25 November 2015).

Once the customer has given their consent, the new applicable rules may permit other service providers to access their account information, and a retail business to execute payment orders on their behalf, debited from their account or card, including, therefore, within the scope of the new payment service rules, payment initiation and account information services provided by payment service providers other than this bank.


  1. Liability in unauthorised payment operations. - The holder-consumer shall be held responsible and consequently shall pay, up to the moment the entity is notified, for any losses arising from transactions not authorised by the holder, either through fraudulent use, robbery, theft, loss, use of coercive measures or in any manner other than agreed, of any payment instrument provided by the Entity (cheque books, bank books, cards, etc..), up to a maximum of 50 euros (previously 150.-euros), except in the event that the holder-consumer has acted fraudulently, knowingly, has been grossly negligent, or has not observed due diligence in safeguarding such instruments, codes or passwords, or has not complied with the obligation to notify the Entity of the loss or theft of the card, without undue delay and as soon as they become aware of this, in which case they will be held liable for all losses.
  2. Consent for the execution of payment orders.- This consent, in accordance with the agreement, is given by the customer by signing or initialling the relevant request, the service receipt, through the use of payment instruments provided or agreed for this purpose or using any of the remote communication means provided for in current regulations, provided they have sufficient data which, in their opinion, can guarantee authenticity. Consent may also be provided through the beneficiary of the payment operation or through Payment Initiation Service Providers (PISP). In the absence of consent, the payment operation shall be classed as unauthorised.
  3. Irrevocability of a payment order: In the case of payment orders initiated by a Payment Initiation Service Provider or by the beneficiary through said Provider, the ordering party may not revoke the payment order once they have given consent to the (PISP) to initiate the payment operation or to execute the payment operation to the beneficiary.
  4. Notification and rectification of unauthorised or incorrectly executed payment transactions.- When the intervention of a payment initiation service provider, the payment service user must obtain rectification from the account manager payment service provider.
  5. Confirmation of the availability of funds.- The payment service provider account manager, at the request of a payment service provider that issues payment instruments based on cards, shall immediately confirm the availability of funds in the ordering party’s payment account for the execution of a card payment transaction, with a Yes or a No, provided that all the following conditions are fulfilled:
    • The ordering party's payment account is accessible on line at the time of the request.
    • The ordering party has given express consent before the first confirmation request sent to the payment service provider account manager to respond to requests from specific payment service providers, to provide confirmation that the amount corresponding to a payment transaction based on a particular card is available in the ordering party’s payment account;
    In order for the payment service provider to request confirmation, it must authenticate its identity to the payment service provider account manager before each confirmation request and must communicate with the later securely. This confirmation is not applicable in respect of payment instruments based on cards that store electronic money.
  6. Termination of the Contract. - By virtue of the amendment to the Payment Services Act made by FD 1ª of Act 19/2017-DR of 24 November, you, as a user of payment services provided by this Entity may terminate at any time, without notice, and at no charge, any contract (and any framework contract and appendix that modifies it in order to comply with the Payment Services Act 16/2009 - LSP) that you have in place with this Entity within the scope of the Payment Services Act. To do so, simply withdraw the full balance of funds you have in credit, or pay in any debit balance owing, and hand back to the Entity any documents or instruments used to withdraw or draw on funds so that the Entity can invalidate them. Similarly, the Entity is authorised to terminate your contracts within the scope of payment services legislation, by providing 2 months’ notice in the case of Consumer-Holders, and 15 days, in the case of Non-Consumer Holders.
    However, in cases in which you have taken out another financial product or service that is managed by means of a linked payment account, open with this Entity, you will not be able to close the linked payment account whilst the product or financial service to which it is linked is still in place, although the Entity will not be able to unilaterally modify the cost of that payment account, or to introduce concepts that give rise to a higher cost than the one in effect at the time of resolution, provided that the user does not use that payment account for for purposes other than those related to the financial product or service that is managed through said account.
  7. Relationship with third party payment service providers/ Main implications derived from the relationship with PISP/AISP
    . When payment initiation or account information services are provided by third party providers, the corresponding exchange interest rates shall be applicable, agreed by each Entity with the customer, depending on the services provided.
    When a PISP solely provides a payment initiation service, they will not have access to the user’s funds at any stage in the payment chain, and when it wishes to provide other payment services which require access to the user's funds, it must obtain full authorisation for such services. The user has the right to address any refund claims to its payment service provider account manager, even when a PISP has intervened in the payment operation. The above is understood notwithstanding the assignation of responsibilities between payment service providers, depending on which parts of the operation are managed by each one.
    1. Responsibility in payment initiation services for non-execution or faulty execution of payment operations.
      With regard to payment operations initiated by the ordering party through a PISP, the payment service provider account manager will return to the ordering party the amount of the payment operation not executed or executed in a faulty way, and, where appropriate, it shall restore the payment account from which the charge has been debited to the status that it would have registered if the faulty operation had not been carried out.
      It will be the responsibility of the PISP to demonstrate that the ordering party’s payment service provider account manager had received the payment order and that, within its scope of competence, the payment operation was authenticated and registered accurately and was not affected by a technical failure or other deficiencies related to the non-execution, faulty execution or delayed execution of the operation.
      If the party responsible for the non-execution, faulty execution or delayed execution of the payment transaction is the PISP, the latter must compensate the payment service provider account manager immediately, at the latter’s request, for any losses incurred or the amounts paid to return the funds to the ordering party.
    2. Notification regarding the resolution of contracts with a PISP or AISP -. The user must notify its payment service provider should it terminate a service contract with a PISP (Payment Initiation Service Provider) or an AISP (Account Information Service Provider).
    3. Access to the payment account in the case of Payment Initiation Services. - All ordering customers shall have the right to use a (PISP) to obtain payment services from another provider (Account Manager), unless the corresponding payment account cannot be accessed on line. The (PISP) cannot modify the amount, recipient or any other element of the operation, and must ensure that the personalised security credentials, PIN or passwords, as well as any other information about the payment service user is not accessible to third parties, have sufficient security measures in place, and are transmitted by secure channels, not storing sensitive payment data or using them for purposes other than the provision of the account information service. Said PISP must communicate securely with the payment service provider account manager.
      A payment service provider account manager may refuse access to a payment account to an account information service provider or a payment initiation service provider, on the basis of objectively justified and properly documented grounds, related to fraudulent or unauthorised access to the payment account on the part of the account information provider or payment initiation service provider, in particular with regard to the unauthorised or fraudulent initiation of a payment operation. In such cases, the payment service provider account manager will inform the ordering party, in the agreed manner, of its refusal to grant access to the payment account and the reasons for it. This information will be provided to the ordering party, where possible, prior to refusing access and, at the latest, immediately after refusal, unless the communication of such information would jeopardise objectively justified security measures, or is prohibited by other relevant provisions of European Union law or national law. The payment service provider account manager will allow access to the payment account once the reasons for refusing access no longer apply.
      • (I) the payment service user may accept or reject any contractual amendments relating to their payment services, of which they have been notified, which will be deemed to have been accepted should the user fail to advise the Entity of their non-acceptance and rejection of such modifications, and, in the case of rejection, the user has the right to terminate the contract at no cost.
      • ii) This Entity has appropriate procedures in place to resolve any claims submitted by payment service users, which are available on our web page, and shall apply strong customer authentication when the ordering party accesses their payment account on line; initiates a payment transaction; or carries out by remote channels any action that may involve the risk of payment fraud or other abuses.
      • iii) This Entity will ensure that payment service providers have adequate security measures to protect the confidentiality and integrity of credentials, codes, passwords, or any other security element provided to users of payment services.
      • iv) For any matters not modified by this present document, the terms and conditions of the contracts and, where appropriate, their Framework Appendix documents, regarding the execution conditions of payment services and contractual modification of contracts that implement payment services, which you have in place with this Entity, shall remain in force.

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