Here we are in 2020, and the deadline for compliance with the revised Payment Services Directive (PSD2) has passed. To any American merchants thinking “deadline? What deadline?” right now, don’t panic—the PSD2 is a directive from the European Union that only applies to merchants with a presence within the greater European Economic Area. Whether you’re subject to it or not, the PSD2 is mandating big changes that are likely to have a ripple effect on ecommerce worldwide. Many players in the industry are starting to wonder: how well is the migration toward PSD2 compliance faring so far?

First, a refresher on what, precisely, the PSD2 entails. There’s a lot to unpack in a set of rules that covers as much as the PSD2 does, but two of its requirements have emerged as the most significant:

1. Open Banking, which requires banks to make their payment initiation and account services accessible to third party service providers.
2. Strong Customer Authentication, which mandates the use of two-factor authentication and other security requirements to protect consumers from fraud.

Full Text:
https://www.chargebackgurus.com/blog/psd2-migration-status-update

©Chargeback Gurus 2020
Production: Tyler DeLarm
Narration: Sarah Rife