Payments are a fundamental part of any business, and navigating the regulatory landscape isn’t easy for those. Thankfully, as a trusted European payment institution and a member of esteemed card payment associations, we are here to guide you through the newest updates.
PSD2: More Than Just An Update
The second Payment Services Directive, commonly known as PSD2, has raised the bar of the European payments market by enhancing consumer protection, promoting innovation, and improving the security of payment services. This regulation allows consumers to use third-party providers to manage their finances, pushing for a more competitive and inclusive payments industry.
Strong Customer Authentication (SCA)
As part of PSD2, Strong Customer Authentication (SCA) has come into effect recently to bolster the security of electronic payments. Transactions above a certain threshold now necessitate additional verification to ensure payment security. This change combats potential fraud and boosts overall trust in the ecosystem.
General Data Protection Regulation (GDPR)
GDPR continues to shape the payments landscape in Europe. The regulation prioritises user privacy, requiring businesses to handle customer data responsibly or face hefty fines. This control over consumer data provides a more secure environment for transactions, and it’s crucial for businesses to ensure their processes align with these data protection standards.
Keeping up with the changing tide of regulation can be complex, but rest assured that we are committed to navigate these changes alongside you. Our team prioritises staying on top of any revisions and interpretations of the law so we can provide you with the expertise, knowledge, and peace of mind to run your business.
As a leading player in providing secure and reliable payment solutions, we’re invested in your success and are prepared to address any questions, concerns, or needs you may have regarding these new European payment regulations. In an ever-evolving regulatory landscape, we continue to uphold our commitment to customer satisfaction and maintain an industry-leading position.
Stay compliant, stay thriving, and together, we’ll keep your business ready for whatever’s next.