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The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, [1] which replaced the Payment Services Directive (PSD), Directive 2007/64/EC [2]) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA).
Strong customer authentication (SCA) is a requirement of the EU Revised Directive on Payment Services (PSD2) on payment service providers within the European Economic Area. The requirement ensures that electronic payments are performed with multi-factor authentication , to increase the security of electronic payments. [ 1 ]
The rules were introduced to tackle VAT fraud by requiring all payment service providers (PSPs) as defined under the EU Payment Services Directive (PSD2) to report on cross-border payments which originate in the EU. To separate business payments from personal transfers, PSPs are only required to report on payments where they know that the ...
In October 2015, the European Parliament adopted a revised Payment Services Directive known as PSD2. [19] The new rules were aimed at promoting the development and use of innovative online and mobile payments through open banking. [8] [20] It introduced a number of new services, definitions, and obligations for market participants.
The Open Payment Initiative, or O.P.I. for short, was launched to standardize the application interface between the electronic point of sale (EPOS) application and any cashless payments solution installed on the electronic funds transfer at point of sale (EFTPOS) payment terminal.
The Berlin Group consist of almost forty banks, associations and payment service providers (PSPs) from across the European Union. The objective was to define open and common scheme- and processor-independent standards in the inter-banking domain between creditor banks and debtor banks and to complement the work carried out by organisations like the European Payments Council.
The Payment Application Data Security Standard (PA-DSS) is the global security standard created by the Payment Card Industry Security Standards Council (PCI SSC). [1] PA-DSS was implemented in an effort to provide the definitive data standard for software vendors that develop payment applications.
SaaS payment processors offer a single, regulatory-compliant electronic portal that enables a merchant to scan checks (often called remote deposit capture or RDC), process single and recurring credit card payments (without the merchant storing the card data at the merchant site), process single and recurring ACH and cash transactions, process ...