Contact us

To help us direct you question to the best team to provide an answer please select which option best descibes you.

  • I would like to speak to someone about setting up a new account
    Next
  • I'm an existing customer and need help with my account
    Next
  • I’m looking to integrate payments to my software platform or application
    Next
  • I’m a member of the media
    Next

Open banking: the quick guide for merchants

Jan 03, 2018

PSD2 encompasses the full payments cycle, so with cross-border payments and an ever-increasing use of digital payments on the rise, getting to grips with it and how it applies to merchants is critical

The Second Payment Services Directive (PSD2) encompasses the full payments cycle, and with cross-border payments and an ever-increasing use of digital payments on the rise, getting to grips with the new directive and how it applies to merchants is critical. 

In theory, PSD2 will open up new opportunities for non-traditional financial services by widening choice for consumers when it comes to products and services. These updated regulations are now commonly referred to as “open banking”, and the industry could experience a sea change with the proliferation of new players and products harnessing and using data that only the banks held. That is, until now. Some are suggesting the end of banking as we know it, others envisage closer collaboration between banks and fintechs.

While the potential for sector disruption may have industry observers on the edge of their seats, what does this mean for merchants on a practical level? Some key implications  of the new directive include the consumer uptake of PISPs (Payment Initiation Service Providers) and AISPs (Account Information Service Providers), and when it comes to authentication and customer data security, 3-D Secure will be a central tenet to European ecommerce. Ultimately, authentication is the key to accessing new products and Paysafe participated in the consultation on Strong Customer Authentication (SCA) rules. 

This quick guide to PSD2 highlights the most salient points about surcharges and SCA. Hopefully, the guide provides some good thought starters for a business approach to the new directive. 

Download the quick guide to the forthcoming changes here.

Recommended Articles

How 3DS Secure 2.0 will reshape card payment acceptance

Dec 13, 2018 - Rules are being introduced that mandate the adoption of 3D Secure 2.0, the new EMVCo security standard that is VISA and Mastercard’s solution for compliance with PSD2. Here's our need-to-know guide.

  • Four minutes
Read more

Rules are being introduced that mandate the adoption of 3D Secure 2.0, the new EMVCo security standard that is VISA and Mastercard’s solution for compliance with PSD2. Here's our need-to-know guide.

Read more
Nutraceuticals: Compliance is key for long-term growth

Aug 12, 2019 - Why online merchants need to partner with a payment services provider with a history of working alongside card schemes in this sector in order to scale their business effectively.

  • Shaun Lavelle, General Manager, Card Not Present, USA
  • Three minutes
Read more

Why online merchants need to partner with a payment services provider with a history of working alongside card schemes in this sector in order to scale their business effectively.

Read more
Why don't shoppers trust voice-activated payments?

Jun 20, 2019 - Over 100 million consumers worldwide have some from of Smart Home technology, but most feel reluctant to use it to make purchases. Why is that, and what can be done about it?

  • Danny Chazonoff, Chief Operating Officer
  • Four minutes
Read more

Over 100 million consumers worldwide have some from of Smart Home technology, but most feel reluctant to use it to make purchases. Why is that, and what can be done about it?

Read more