Payments News

On The Web

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Global

Speed, safety, and savings in direct payments

“PSD2 will create opportunities for new forms of payment. IATA is investigating how this could be applied to payments by passengers: both direct to the airline and indirectly via travel agents. The potential prize is huge. Globally airlines absorb more than $8 billion in costs for merchant fees and fraud.”
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Regulation

PSD2: Real-time processing? Not so fast

“Industry experts observe that while the revised Payment Services Directive (PSD2) represents an opportunity for corporate treasury to take advantage of real-time payment processing, it will take some time for the full benefits to be realised.”
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Regulation

What Europe’s Tough New Data Law Means for You, and the Internet

“The new law requires companies to be transparent about how your data is handled, and to get your permission before starting to use it. It raises the legal bar that businesses must clear to target ads based on personal information like your relationship status, job or education, or your use of websites and apps.”
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Global

Fintechs and PSD2: The Role Of Competition Enforcers In Opening Up The Bank Infrastructure

“Despite the explosive growth of Fintech companies, newcomers to financial services sector often experience barriers when entering the market. Banks are not required to share their customers’ payment account data with third parties on the basis of existing financial regulations. In various studies, the Netherlands Authority for Consumers and Markets (“ACM“) analysed the possibilities to increase […]
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Regulation

What PSD2 and open banking means for financial services in 2018

“In 2018, the financial services industry will undergo a transformation that will fundamentally change the relationship between consumers and retail banks. By giving consumers the choice of new direct-to-account payment methods and the ability to share their transaction data more freely with third parties, the EU’s Second Payment Services Directive (PSD2) and its UK implementation, ‘open banking’, […]
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Regulation

How digital banks are raising the bar for customer experience

“Digital-only challenger banks have changed customer expectations, including customer service and how customers want to use financial products. Big banks are taking notice, with companies developing sub-brands to hook younger, digital-savvy customers or others — the most recent of which is rumored to be the Royal Bank of Scotland.”

On The Wires

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Regulation

Transakt Judged PSD2 Compliant for Strong Customer Authentication

“Entersekt, a leader in next-generation digital banking security, today announced that its mobile app security and authentication product Transakt has been endorsed by a key European consultancy as a “state of the art solution” to the European Banking Authority’s Regulatory Technical Standards (RTS) on strong customer authentication under PSD2. These specifications define the enhanced security […]
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Companies

Mastercard Unveils Solutions To Underpin Open Banking Transformation

“Mastercard announced today that it is developing a new suite of services to underpin the transformation taking place in the industry as partners ready themselves to take advantage of Europe’s PSD2 legislation. With trust and security major pillars of the open banking ecosystem, Mastercard’s new services will make it easier for banks and third party […]