Ai Video: Are you ready for the PSD2 legislation?

13th May, 2019 

PSD2 or the payment services directive in Europe is being associated with a major change in payments and data protection. It is aimed at regulating payment collection and payment services in the EU and EEA. The PSD2 legislation came into effect last year, with full operational compliance to technical standards required by September this year.

It is a challenging phase for the entire payment ecosystem, says Laurie Gablehouse, Global Head of Travel Solutions, Ingenico ePayments, who was in Brighton, UK last week for Ai’s ATPS (13th ATPS Worldwide Event).

Laurie pointed out that the standards are still evolving, with grasp over “80% - 90% of what needs to happen”. “(So) the timing is quite late from a technical perspective for everybody to be ready by September.” She recommended that merchants, including airlines, need to assess where this directive is going to be applicable and accordingly, what are the requirements for the SCA (Strong Customer Authentication). The SCA requirement is for transactions between cardholders whose payment cards have been issued in the EEA and merchants located in the EEA. Exemptions include low value payments at the point of sale (to facilitate the use of mobile and contactless payments).

Ritesh Gupta

Ai 

Follow Ai on Twitter: @Ai_Connects_Us

 

 

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