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The second Payment Services Directive (PSD2) requires financial institutions (FIs) to provide third parties access to their payment data, but some countries and banks are implementing this faster than others. Last week, U.K.-based 14 deadline. Good News and Bad News. But SCA success will guide FIs in the rest of the world.
Peter Robinson, paymentsadvisor for European retail, wholesale and international trade association EuroCommerce , noted that these concerns are putting more pressure on card acquirers — the main party responsible for making sure merchants are ready for and informed about SCA and its incoming authentication and online transaction restrictions.
This week, the European Banking Authority (EBA) extended the deadline for Strong Customer Authentication (SCA) to Dec. Merchants should familiarize themselves with which recurring payment options are available and the payment pathways through payment service providers (PSPs), acquirers, financial institutions and settlement.
They are required for processing transactions like direct deposits, check deposits, loan payments, and wire transfers. In addition to checks, routing numbers are often required when setting up direct deposit instructions, authorizing bill payments, and initiating wire transfers.
“I think they are going to dominate the market and that is the next phase that’s coming,” Mills said, “But the question is, in what form would that come, and … under what regulatory authority?”. adding there is a “spaghetti soup” of financial authorities like the Federal Reserve, the U.S.
Key Takeaways √ Hidden charges in payment processing can dig into and erode your bottom line. 5 minute read Hidden charges in payment processing can seriously impact any merchant’s bottom-line revenues. . 5 minute read Hidden charges in payment processing can seriously impact any merchant’s bottom-line revenues.
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