PayPal are notifying PayPal Access Card (PayPal business card) users of some changes in their terms and conditions to reflect new regulations around Third Party Payment Service Providers ( TPPs ), designed to make cards and banking safer and better.
The changes concern the new TPPs also known as Account Information Service Providers. The government has put an initiative in place to enable business to provide finance services to pull your banking details into a single dashboard giving you a consolidated view of your finances, from all the various banking service providers that you may use.
What is a TPP?
The regulations enable Third party payment providers to provide you with information from all of the accounts that you have with different parties in one simple view eg in a App offered by the TPP however, TPP’s can only do this if you give permission to do so.
What data will a TPP get from PayPal?
If you do decide to use this new service, you will be choosing to share your data with TPPs and letting them access your PayPal Access Card Account and any other banking services you give them permission to access. If you do not give a TPP permission then they cannot access your accounts.
PayPal point out that they will not share your details or your PayPal Access Card Account details with a third party. The only way a TPP can access your financial records is if you decide that it would benefit you and you personally give them permission.
Until late 2019 TPPs may in some circumstances request your personal login details to access your PayPal Access card Account to provide you with their services. If you give them your login details to your PayPal Access Card Account, the TPP will then log into your account as if they were you. This may mean that the TPP can access a wider range of information than just your transaction history or account details and PayPal will have no control over how the TPP uses this information.
Should you wish to, the only way to be certain you have cancelled the permission you have given a TPP is to change your password or security details of your PayPal Access Card Account. If you don’t want to use this new service, you don’t have to, just don’t share your PayPal Access Card Account login details with them in the first place.