Looking to swiftly move your bank towards European banking standards? Wultra is here to help.
We’re living in exciting times, as a number of countries are currently on the road to becoming eventual members of the European Union. The EU’s enlargement will undoubtedly have profound effects on all of its members which will be felt through various cultural, political, and financial shifts.
Another important aspect of the EU’s enlargement is the process of incoming member states meeting the requirements of EU regulations. While there are numerous legislations that countries preparing to enter the EU must be aware of, we’ll focus on a single regulation in this post: The Revised Payment Services Directive, otherwise known as PSD2.
So here’s the big question:
In preparation for joining the EU, is your business ready to take on PSD2 legislation?
Why is PSD2 Important for Countries Joining the EU?
In a nutshell, PSD2 aims to secure digital payments and expand the financial ecosystem. Financial organizations within the markets that are currently approaching EU membership have opened up the question of how to work toward and achieve PSD2 compliance, which can seem like a daunting task for businesses getting started with the process.
Here’s a quick overview of some of the initiatives that are necessary for businesses to carry out in order to achieve PSD2 compliance:
- Introducing Strong Customer Authentication
- Hardening mobile device security
- Transaction analysis and anomaly detection
- Implementing open banking APIs
- Enacting organizational changes
.webp)
