24th June, 2019
Regulations like PSD2 are paving way for new services and faster payments. PSD2 or the payment services directive in Europe is being associated with a major change in payments and data protection, and it is expected to fundamentally change the value chain.
"PSD2 is opening up the (payment) industry, and breaking the monopoly of certain players on accepting payments," said Simon Eve, Head of Travel, Trustly.
Banks are beginning to expose their data for use by third parties, in particular fintech companies, through open APIs. The use of open APIs to simplify back-and-forth messaging that takes place during the course of a transaction is coming to the fore. Other than authentication, another area to watch out for is improved security. It has to be guaranteed that data is secure, and external services have access only to the controlled data that the consumer has permitted and that the bank has assigned.
Simon, who was in Brighton, UK, for Ai’s ATPS (13th ATPS Worldwide Event), added that the fintech sector is looking at offering instant, real-time bank transfer to airlines.
Simon spoke in detail about the payment-related complexity and how the same is being taken care of when it came to dealing with multiple players, how airlines today are in a position to localize their payment options in a region like Europe, fraud prevention etc.
By Ritesh Gupta
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