We are happy to announce that we have now completed the re-authorisation process with Financial Conduct Authority in the UK under the revised Payment Service Directive (PSD2)! This means we can continue providing payment services to all our partners & merchants!
Why did we have to re-apply?
PSD2, that came into force on 13 January 2018, requires not only new but also all existing Authorised Payment Institutions (payment services providers) to go through a re-authorisation process to be able to operate beyond 13 July 2018.
Why was PSD2 introduced?
The main goals of the revised regulation are:
- Ensuring better consumer protection
- Fostering innovation and competition in the payment space
- Taking into account the modern payment methods such as mobile payment and online payment.
- Improving security in the payment space
What are the key changes under PSD2, in a nutshell?
- Extension of reach to non-EU transactions: PSD2 extends its scope to “one leg out” transactions, where at least one side is located within EU borders.
- No card surcharges for consumer cards
- Open banking: banks need to open up the accounts to external parties, which will encourage new players to enter the market
- New security requirements: stronger customer authentication and securing an open access to customer accounts
In the converging world of payments, 2018 is a year of big changes. We’ll be sure to keep you posted on the most exciting developments, stay tuned!