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Retailers to benefit as banks open networks in compliance with new payments regulations
Retail companies could become the new face of everyday financial transactions once the Revised Payments Services Directive, known as PSD2, goes into effect in the European Union in January. PSD2 requires banks to grant third-party providers – such as retail merchants – access to a consumer’s online account/payment services in a regulated and secure way, [...]
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Strong Customer Authentication – The End of Frictionless Card Payments?
It seems that European payments regulation may be forcing the end of frictionless card payments, by making the cards market take a step backwards. We appear to be moving away from the frictionless online payment environment that so many of us use day to day, towards a much higher friction world where every transaction over €10 [...]
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Date set for vote on new PSD2 laws
The European Parliament has set the 6 October as the date to vote on plans for a revised Payment Services Directive (PSD2) during its plenary session. PSD2 is set to replace the existing Payment Services Directive which has been in place since 2007. The new Directive would need to be implemented into national laws across the EU within two [...]
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Update on changes to the new Payment Services Directive (PSD2)
The arrival of the new Payment Services Directive (PSD2) in the internal market repealing the current Payment Services Directive 2007/64/EC (PSD1) has been a closely monitored development since the publication of the European Commission’s (the Commission) Green Paper on Card, Internet and Mobile Payments (COM (2011) 941) in January 2012. On 2 June 2015 the [...]
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European payments regulation driving change
European payments regulation, such as the original Payment Services Directive (PSD) of 2007 and Single Euro Payment Area (SEPA), have already caused significant change within the banking and payment industry. Business models, propositions and customer relationships have all been affected – and more regulation is expected. PCM considers three areas: the security of internet payments, card [...]
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