Download the latest PSD2 Tracker here: https://www.pymnts.com/psd2-tracker/
PSD2, or the Revised Payment Service Directive, is an EU Directive to regulate payment services and payment service providers throughout the European Union and European Economic Area. To get more up to speed on PSD2, this article provides a good overview on how PSD2 will change banking.
In short, the regulations are intended to protect consumers and their PII by pushing merchants to perform stronger identity checks when accepting online payments. These enhanced authentication processes are known as Strong Customer Authentication (SCA), and these SCA requirements come into effect September 2019.
To help merchants and payment service providers prepare, Ekata has collaborated with PYMNTS.com to produce a PSD2 tracker, which will be updated monthly to reflect the latest news and stories.
This month’s PSD2 tracker covers the following and more:
Getting Merchants Prepared for PSD2 with Worldpay SVP Charles Damen
News and Trends
- Regulation and legislation: Congress considers an American GDPR
- Enforcement efforts: German chat site fined under GDPR
- Breach bulletins: Marriott breaches expose 500 million records
- Industry insights: PSD2, open banking market set for substantial growth
The Costs and Complexities of Managing Consumer Data