An Introduction to the Regulatory Technical Standards for Strong Customer Authentication – Part 3: Achieving Transactional & Account Security

The Regulatory Technical Standards (RTS) is a supplementary directive designed to complement the Revised Payment Service Directives (PSD2), eIDAS and any other such cases where Strong Customer Authentication is required. 

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An Introduction to the Regulatory Technical Standards for Strong Customer Authentication – Part 2: PSD2

The Revised Payment Service Directive (PSD2) is nothing short of revolutionary when it comes to the retail payment services industry in Europe. In fact, many of the innovative new products and services that PSD2 will indirectly create are likely to percolate to every sector of the economy.

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eiDAS & PSD2 - The New Payments Industry Paradigm in Europe

The Revised Payment Services Directive (PSD2) is poised to revolutionize the payment services industry. Its underlying principles mean that industry participants will have to innovate in terms of product structuring, service delivery, user experience and optimize in terms of costs to retain market share.

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Open Banking  - The 3 Main Focus Areas for Banks and FinTech

2019 has set the stage for the next round of the match-up between Banks on one side and FinTech [1], BigTech and other challengers on the other. Come September, the requirements for Strong Customer Authentication will come into play and the race is on to get a head start. Some banks are indeed dragging their feet and just trying to do the bare minimum to be compliant. While others are more active and looking to one-up the disruptors while they are ahead.

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What is an HSM-based Payment Server

The Banking and financial services industry is challenged - for example by  PSD2. On top of this, they need to manage Identity and access management, cryptographic key management, use blockchains, go to the cloud and stay compliant. 

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Beyond just Payments - PSD2’s impact beyond the Payments Industry

PSD2 is being touted as the biggest game changer to ever hit the payments industry in Europe. And not without good reason. PSD2 mandates banks to share customer account data with third parties (ones authorised by the customer), so that they can offer services to the customers while using the bank’s core systems as a backend. It gives the customer more control over her data and more options to choose from various service providers. 

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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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