PSD2 COMPLIANCE SOLUTIONS – HELPING HAND FOR BETTER AND SAFE TRANSACTIONS

1. PSD2 COMPLIANCE SOLUTIONS – HELPING HAND FOR BETTER AND SAFE TRANSACTIONS

2. SCA optimization is targeted to be a real-time PSD2 decision engine, which will facilitate strong customer authentication or SCA. It helps in ensuring regulatory compliance while taking proper advantage of SCA exemptions. It helps in delivering a positive check-out experience. SCA optimization is a customized service and will present real-time reporting and machine learning capabilities, which will adapt quickly to emerging fraud trends. It ensures that the business remains protected all the time. The reliable firms will offer the scheme-agnostic 3DS authentication solution. It will need a single certification for supporting all forms of major credit cards. THE SCOPE AND EXEMPTIONS: Proficient psd2 compliance solutions will work with locality, where the identity cards are issued outside EEA. Moreover, the Merchant Initiated transactions are always out of the scope of SCA. There will be a remote payment scale associated with psd2 compliance solutions. So, now you get the chance to mail order and telephone orders. The transactions are currently out of scope. Transaction Risk Analysis will be another interesting scope to address here. It helps in maximizing TRA exemptions by assessing the present individual transactions against various acquirers. NOW FOR PRE-AUTHENTICATION CAPABILITIES: The real-time decision is another interesting aspect related to psd2 compliance solutions. The decisions are solely prioritized to the authorization being generated without currently impacting the present customer experience.

3. • Fraud screening will fall under the pre-authentication capabilities here. Machine learning, over here, is driven by fraud detection practices. Then you have a flexible solution. Here, you will enjoy a highly flexible solution, which is shaped around the payment strategy of the Merchant. Dynamic acquirer routing is another interesting point of consideration here. Here you have route transactions to the preferred acquirers. BENEFITS TARGETED TOWARDS MERCHANTS: • Here you get the chance to maximize frictionless payments. All the payments in here will get assessed against each one of the exemptions. • Then you have experts who will maintain compliance. So, the firm will ensure on-going based regulatory compliance here. • Enhanced reporting will form another significant part of merchant benefits. So, here, they will get the opportunity towards real-time-based dashboard reporting in here. • Scheme agnostics 3DS option will form another significant part of the merchant benefit. Here, the company is going to manage the end-to-end authentication through some scheme agnostic solution. So, now you are going to receive fast implementation as part of psd2 compliance solutions. There will be best- ever fraud screening as part of the solutions from the firm’s side. VALUE-ADDED SERVICES: • • •

4. In this current world of business to the business sector, PSD2 will allow businesses to have full access and control overspending. Various service providers can now build on top of the current banking accounts of the customers. It helps in customizing products to match the specific needs. NOW ENJOY IMPROVED CONSUMER CONVENIENCE: PSD2 directive is mainly focusing on a customer-based approach. It helps in providing that comprehensive control of the financial asset to clients, no matter what bank where the account is mainly registered. • In order to make an online payment, customers need to share card details with vendors like MasterCard. Then you get to receive the payment from the client’s account by the intermediaries. • With the help of PSD2, the card details will not have to be shared over here. The transactions are proceeded by sophisticated authentication methods, which makes all kinds of internet purchases comfortable. It will secure against cyber fraud. ALWAYS ENJOY SAFE TRANSACTIONS BETWEEN ACCOUNTS: An advanced form of multi-factor-based consumer verification is one of the primary components of the PSD2 directive. This method is mainly used for validating the user, which will request a transaction in the real-time value. • The 2FA will help in creating a secured form of payment space for the payment services around the values of the European Union, and it helps in decreasing fraud rates. • It will help the clients to execute the online payments between multiple accounts.

5. • In some of the instances where any specified currency rate is exceeding, the bank might have to ask for extra risk profile-based authentication, like facial recognition or OTP or one-time password. Whenever the added verification is passed, the actual transfer will then get completed. With the help of the PSD2 API framework, there will be comfortable forms of P2P payments made available for the customers. The user will mostly select a contact using their Smartphone and then issue payment without knowing the bank account details of the recipient. GET CUSTOMIZED FINANCIAL OFFERS: The directive will force the bank to offer secure access to the accounts of customers to trusted payment providers or TPP if the customer allows doing so. TPPs will assemble and analyze vital bank data. Get along with the psd2 compliance solutions from reputed centres for detailed service. • • •

6. Source URL: https://www.wanderglobe.org/psd2-compliance- solutions-helping-hand-for-better-and-safe-transactions/