If there ever was a year filled with change, it was 2020. As we embrace the new year to come, it is important to note that there are two additional changes hitting the payments industry across Europe on January 1st: Brexit and PSD2.
“For most with these changes, processors will do the heavy lifting,” said Segpay CEO Cathy Beardsley. “For example, with Brexit, we received our EU license opening our Ireland entity back in September and Segpay is in full compliance all our European merchants need to do is sign an agreement with our company in Ireland to continue processing seamlessly.”
Segpay is pleased to announce that it is fully compliant and ready to process merchant transactions in both the UK and EU ahead of two major changes set to impact European Payments; PSD2 and Brexit. Both mandates are scheduled to take effect on December 31, 2020.
Segpay has implemented Strong Customer Authentication (SCA) making it fully compliant ahead of the EU Revised Payment Service Directive (PSD2). SCA is based on two forms of authentication for online and card present transactions which will be mandated at the end of December. Merchants not able to meet the deadline are able to point their EU consumer traffic that typically is processed through an EU acquirer to Segpay to meet the new compliance requirements.
“It was a pretty heavy lift to get the system ready to support 3D secure 2.0 as well as meet all of the PSD2 rules,” said Segpay CEO Cathy Beardsley. “We are proud to be ahead of schedule and able to offer options for those who find themselves struggling to meet the deadline.”
Segpay also secured its EU license last September and officially opened its Ireland office, meeting the licenced processor requirements of financial, compliance and support personnel in both jurisdictions. Segpay merchants located outside the UK, will transition to Segpay’s Ireland entity and license. They’ll be processed and paid out through Segpay’s European banking network. Segpay’s UK merchants will remain with Segpay UK and will be processed and paid out through Segpay’s UK banking network.
For more information about processing across Europe with Segpay please contact firstname.lastname@example.org.
Segpay is pleased to announce the opening of its European Union office based in Dublin, Ireland. Segpay recently received its EU Payment Institution license from the Central Bank of Ireland ahead of BREXIT. This will cover all Segpay payment and merchant services in the EU and it will also maintain licenses in the UK for all UK based merchants.
“We’ve spent countless hours preparing for Brexit because it was so important to have our merchants remain on solid ground when Brexit officially goes into motion,” said Cathy Beardsley, Segpay President and CEO. “Now that we have an office and license in place, our merchants can continue to focus on their business as we work with acquirers to keep processing running smoothly during this transition period.”
With the opening of its subsidiary in Ireland, Segpay now has offices and outposts in six countries around the world. Read more about the opening of Segpay Ireland featured in YNOT and XBIZ.
Now that Brexit has been put off another 6 months, we can all breathe a little easier, right? The current agreement delays the UK’s exit from the European Union (EU) until October 31st; however it also stipulates that Brexit is immediately triggered on June 1st if the UK does not hold EU Parliamentary elections next month. So, what does this all mean for Segpay and our merchants?
With roughly a month until the Brexit deadline, and only slightly longer before new age verification regulations kick in, the U.K. is at the center of attention. So says Cathy in her latest piece for XBIZ World, The UK Bucks the Business Landscape.