Signifyd has announced the launch of its new Seamless SCA secure payment solution that's already fully compliant with the upcoming PSD2 EU regulations.
Financial tech firms across the EU will have to contend with strong new requirements when new e-commerce regulations come into effect next month. The second Payment Services Directive (PSD2) regulation becomes active on September 14th and requires that all payment processors use a strong form of customer authentication, a measure designed to combat fraud.
Signifyd has now announced that it's launched its new Seamless SCA solution, a collection of secure payment services that satisfies the Strong Customer Authentication requirements of the PSD2 regulations. The system promises to maintain a "friction-free buying experience" for customers and can be integrated into existing payment systems.
Some companies have opted to avoid the requirements where possible or seek exemptions as this new directive will introduce a new barrier for customers completing purchases and is expected to decrease sales of some products and services. “Avoidance strategies, such as optimizing exemptions to bypass the need for SCA, are not a real solution. Delivering a great SCA experience is,” explained Signifyd VP of Operations J. Bennett.
The Seamless SCA solution is currently available for proof-of-concept trials for payment processors and merchants looking for a long-term solution to PSD2 compliance. The system is compatible with the EMV 3-D Secure 2 protocol and promises the "unique ability to perform strong customer authorization without step-ups for all transactions."
J. Bennett explained that enforcement of the PSD2 regulation is likely to be delayed, but companies will have to get adequate systems in place soon. “It appears enforcement of strong customer authentication will be delayed, especially after the Joint Industry Statement issued Aug 1 by Visa, Mastercard and European payments and retailer consortiums. But retailers that prepare themselves now will hold a competitive advantage when enforcement begins.”
Source: BusinessWire
