It’s time to make PSD2 work for you. Many banks and merchants were not ready for the March nor the September deadline. Contact us to find out more. By working more closely with third-party actors, financial institutions can better prepare themselves for the market changes and proactively identify research and development areas.Read more, Cloud platform to secure onboarding and access to digital banking services The question now is not whether PSD2 compliance should remain at the top of the priority list. The revised Payment Services Directive 2 (PSD2) aims to better align payment regulation with the market and technology's current state. Third parties will now be able to access banks’ application programming interfaces (APIs), so they can use the financial institution’s data and functionality to build services. According to ComputerWeekly, challenger banks in the UK are predicted to triple their customer base next year. //window.location.replace( 'http://your_thank_you_page_url' ); Please note we do not sell any products nor offer support directly to end users. 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Ingenico automatically implements updates, which can be tested in the sandbox and staging test environments. “This is the latest in a series of shortcomings from banks, who have failed to provide robust APIs for years. This move will genuinely cement open banking into place, according to Bloomberg. “Banks cannot afford to view the extension as an opportunity to kick the security of their digital transformation into the long grass. jQuery.ajax({ Most of these exemptions are related to low-value payments, repetitive transactions, and transactions to trusted beneficiaries. To protect the consumer, PSD2 requires banks to implement multi-factor authentication for all proximity and remote transactions performed on any channel. Banks will be able to use financial data better to provide competing services at competitive rates. Technically that makes them compliant, but in practice the results are far from ideal. This intended to introduce more stringent security requirements for electronic payments, known as “strong customer authentication”, designed to better protect consumers against fraud by offering three layers of authentication such as PIN codes or biometrics. PSD2 hinges on a critical connection between retailers, fintechs, and banks. With fintech and big tech poised for the mass adoption of Open Banking enabled services, there is far more at stake for digital laggards than the scrutiny of the regulator.”. The 14th of September was supposed to be the day that the last part of the Payment Services Directive, or PSD2, was rolled out across the EU. However, the deadline came and went and the directive has yet to come into force, as the UK pushed back the deadline for compliance by 18 months in order to give banks more time to prepare. Before joining Ingenico, Ariana worked at nativa payments on the implementation of new processing services for issuing and acquiring in Latin America. Get the answers to the most frequently asked questions regarding PSD2 & RTS. url: "/wp-admin/admin-ajax.php", It was to go into effect on 14 September 2019. It introduces security requirements for the initiation and processing of electronic payments and the protection of consumers' financial data. Not only in Europe but around the world. In the works since 2015, the directive is set to have a significant impact on the world of banking and fintech, with open banking paving the way for more innovative financial services. It has been a challenging year for the Payments Industry with regards to PSD2. This move will shake up the payments market, particularly in the eCommerce space, by encouraging greater competition, transparency, and innovation in payment services. At MONEY 2020 in June 2019, several speakers pointed out that some banks and financial providers were clearly dragging their feet in handing over data to customers, arguing about their compliance and risk scenarios. setTimeout(function() { Fill out our contact form and one of our representatives will be in touch to discuss how we can assist you. The new PSD2 directive is a fundamental piece of payment legislation in Europe. As a business owner, there are two primary approaches you can take to comply with PSD2: Choose a PSD2-compliant PSP. All rights reserved. )+([a-zA-Z0-9]{2,4})+$/; Intended to promote “the development of innovative online and mobile payments, more secure payments and better consumer protection” PSD2 is designed to “modernise Europe’s payment services”. To this end we developed the Ingenico SCA Accelerator Suite, which provides SCA compliance with ease. This change builds a common ground of more robust collaboration and better interoperability between traditional financial institutions and new players of the banking and payment space. It also recognizes and regulates Third-Party Providers (TPPs) to access or aggregate accounts and initiate payment services.

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