§ 1-8. Other definitions: distance selling, payer, business day and strong customer authentication
Machine-translated from Norwegian. The Norwegian text is the one that applies. Read the original in Norwegian.Norsk English العربية Polski Українська
In brief
- Distance selling (fjernsalg) and off-premises agreements (avtale utenom fast forretningslokale) are defined in the same way as in the Right of Withdrawal Act (angrerettloven) § 5.
- Payer (betaler), payee (betalingsmottaker), nominal interest rate (nominell rente) and business day (virkedag) are basic concepts for the payment rules.
- Strong customer authentication (sterk kundeautentisering) requires at least two independent elements of the types knowledge, possession and inherence.
The text of the law (unofficial translation)
§ 1-8. Other definitions
What does this mean?
This section brings together ten definitions that do not belong in the other definition sections.
The first two concern forms of sale. An off-premises agreement is defined by reference to the Right of Withdrawal Act § 5. There, the main case is that the consumer (forbruker) concludes the agreement or makes an offer in the presence of the trader at a place other than the trader's business premises. Agreements concluded on the premises or at a distance immediately after a personal and individual approach in such a situation are also included. Distance selling means agreements concluded under an organised scheme, without the parties being physically present at the same time, and where everything takes place by distance communication. In practice, the definition is the same as in the Right of Withdrawal Act § 5.
The payer is the person who fulfils an obligation using funds, that is, the account holder who allows a payment order from the account, or the person who gives the payment order when there is no account. The payee is the intended recipient of the money. The nominal interest rate is a percentage per year on deposits or on the amount of credit owed. A business day is a day on which the payer's or the payee's payment service provider is open to the extent needed to carry out the transaction. An intermediation firm is a service provider that offers financial intermediation.
The last three concern secure identification. Authentication is a procedure for confirming, for example, that an electronic signature is valid, or for allowing a payment service provider to verify the customer's identity or that a payment instrument is valid. Strong customer authentication requires at least two of three types of elements: something you know, something you have and something you are. The elements must be so independent of each other that a breach of one does not weaken the others, and the setup must protect the confidentiality of the data. Personalised security credentials are the personalised features the service provider gives the customer for use in authentication. The payment terms belong together with the definitions in § 1-5, and financial intermediation is defined in § 1-3.