eIDAS, PSD2 and The Digitization of International Trade

 Imagine a scenario where a small company is importing a million dollars’ worth of goods for local distribution. A signature mismatch in one of the shipping or trade financing documents is raised as an exception and the whole transactions gets delayed. The goods sit at the port incurring demurrage and other charges, the supply chain is disrupted, the distributors don’t have the goods that they have pre-sold, the financing charges continue to ramp up and a profitable trade has now turned into a nightmare!

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The Gateway to SEPA

The Single Euro Payments Area (SEPA) is a collection of 34 countries in Europe with over half a billion customers and 23 million businesses. As far as markets go, this one is one of the biggest and most lucrative for financial services firms of all sizes. European, American and Asian firms are all competing for a slice of the pie and winners are the ones who are willing to innovate.

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European FinTech Innovation and Opportunities

2018 was the year when BigTech companies like Google, Apple and Amazon made deep inroads into traditional banking domains. Additionally, a lot of newer FinTech start-up companies also joined the fray and expanded heavily across Europe, Asia, Africa and North America.  It was also the year when blockchain tech began to be adopted by mainstream companies who realised its potential outside of its previous exclusive use in cryptocurrencies.

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Innovation in Payments – How Lithuania is leading the way

In December 2018, Google received an e-money license from the Central Bank of Lithuania. This will allow Google to process payments and issue e-money throughout the EU. Prior to this, Google Pay had limited authority and used to save customer card details in a digital wallet and use that for payments. Now, they can store and transfer funds directly.

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Bank of Lithuania opens up their payment infrastructure – disrupting the European financial market

Martynas Rajunčius describes the steps that helped the Bank of Lithuania to open up their infrastructure to payment services for banks and non-banks under PSD2 frame. What Rajunčius describes in clear technical words could become a game changer in the European financial market increasing value proposition and strengthening the European Single Market. See how Rajunčius and his colleagues started a chain reaction and why service providers such as Google Pay are among the first adopters of CENTROlink.

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eIDAS & strong customer authentication under PSD2

Since the beginning of 2018, PSD2 or the 2nd Payment Services Directive is national law in all EU member states. Some countries have implemented the new directive early on, such as Germany and the UK, but for some it is still work in progress today.

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PSD2 and HSM-as-a-Service - part 3 - the opportunity for banks

This series on PSD2 and HSM as a Service explores the endless possibilities created by a level playing field in the payments industry in the EU. Part 1 explored how PSD2 and HSM as a Service enable this level playing field while Part 2  looked at just a few of the truly endless possibilities that exist for FinTech firms and other third-party entities that can act as AISPs and PISPs.

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PSD2 and HSM-as-a-Service - part 2: FinTech opportunities

In Part 1  of our series on PSD2 and HSM as a Service, we had a brief look at how these tools can together create a more level playing field in the payment services sector. While PSD2 entitles third party entities access to certain data from banks, HSM as a Service can allow companies to offer industry leading security solutions at a reasonable cost.
In this article, we look at the potential opportunities that this creates for FinTech companies and other Third-Party Partners (TPPs).

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PSD2 and HSM as a Service - part 1: leveling the playing field

Certain events can drastically change an industry forever. The Revised Payment Services Directive (PSD2) mandates certain changes that has the potential to significantly alter how the payments industry operates in the EU. For commercial banks, the run up to PSD2 has meant hectic activity and restructuring of their technical processes.

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