psd2 compliance checklist
However, to prevent banks from refusing transactions that fall under PSD2, you should ensure those transactions meet SCA requirements. There is so much to consider and lots of new players in the market, while data sharing in the Open Banking era provides as many challenges as it does possibilities. Check this page frequently. The Revised Payment Services Directive (PSD2) is a regulation that requires strong customer authentication (SCA) to make online payments in the European Economic Area (EEA) more secure. Here’s what you can expect from our PSD2 Compliance Checklist: Our PSD2 Compliance Checklist is predominately for professionals within banks, financial institutions and payment services providers (PSPs) responsible for meeting compliance requirements related to the sharing, processing and protection of payment data. Our PSD2 eCommerce Checklist can help. © 2020 Apply Financial. To learn more about country-specific information regarding PSD2 SCA compliance, refer to our Support guide. PSD2 includes a mandate for payment service providers to implement strong customer authentication (SCA) to make payments more secure for cardholders. Download our PSD2 Compliance Checklist today! Our PSD2 Compliance Checklist is a handy document to help you stay on top of best practices under “the New Directive” and remind you of your responsibilities with payment data sharing and authentication. If you think our PSD2 Compliance Checklist would be helpful for you, just fill out the short form on this page and we’ll send you the content right away! Next to international wallets like Apple Pay and Google Pay, we see well-performing local payment methods in the EEA across several markets. To ensure that your transactions meet SCA requirements, we recommend that you support both 3D Secure 1 and 3D Secure 2. Discover when your transactions need to meet SCA requirements. PSD2 Compliance Thales can help your organization keep sensitive data secure in the PSD2 environment. We will add new sections and topics when we receive more guidance from card schemes. Although the main PSD2 deadline for compliance has passed, staying compliant in the fast-changing payments landscape is no simple task. Related Resources: The Simple Solution to PSD2 Compliance: 3-D Secure 2 with BlueSnap; The ISV’s Quick Guide to Navigating European Payment Regulations; Achieving Payments Compliance: Everything You Need to Know; Previous Story The ISV's Quick Guide to Navigating European Payment Regulations. In addition to the authentication factors the checklist includes points on the secure environment, malware protection and documentation of the solution. This PSP has made it very clear that they are or will be compliant with PSD2. For example, Bancontact Mobile in Belgium, iDEAL in The Netherlands, MobilePay, Vipps and Swish in the Nordic countries (Norway, Sweden, Denmark, Finland), EPS in Austria, Blik in Poland, and MBWay in Portugal. This plan should also augment future growth strategy for … This can give you a significant competitive advantage: on a technical level you will find it much easier to collaborate with partners (banks or TPPs) and consumers will love the seamless user experience. See, Your strategy for managing SCA compliance, Regulatory guidance provided by official domestic authorities, EMVCo specifications for the 3D Secure 2 protocol. If you decide to implement native 3D Secure 2 authentication in addition to your 3D Secure 1 integration, refer to our 3D Secure implementation options. All Rights Reserved. Decide on how you want to manage SCA compliance for your transactions. Compliance checklist. This requires a comprehensive PSD2 plan that quickly takes the banks to compliance milestone through regulatory tools and accelerators. Before you proceed, we recommend that you use this checklist to track your PSD2 compliance progress. It was created to improve the existing EU rules for electronic payments and better integrate payment services across the European Union. Issuing banks implement protocols to comply with PSD2 SCA regulations. Our PSD2 Compliance Checklist is predominately for professionals within banks, financial institutions and payment services providers (PSPs) responsible for meeting compliance requirements related to the sharing, processing and protection of payment data. PSD2 Compliance with Strong Customer Authentication on WordPress August 29, 2019. This means that before issuing banks authenticate a transaction, the shopper is required to provide two out of three factors: For example, before an issuing bank authenticates and authorises a payment, a shopper is required to supply a one-time authentication code received on their phone (something the shopper possesses), and a password that only the shopper knows (something the shopper knows).
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