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.
When one of the largest FinTech companies in Europe filed for insolvency last June, shockwaves were sent across the banking community. Wirecard, once a darling of the industry, was put into the spotlight after it was unable to pay the money it owed and was in serious trouble after a group of outside auditors identified $1.9 billion in cash missing on its balance sheet. This behavior comes with some serious consequences and the fallout will impact everyone. In Cathy’s latest XBIZ column, Segpay’s compliance team identified the top ways Wirecard’s mistakes will impact businesses around the world.
“Expect to see more scrutiny of operations,” said Segpay CEO Cathy Beardsley. “For example merchants now need to provide proof of processing not only to show fraud and chargeback rates, but to also to show what volumes they truly are processing.”
Card brand and acquirers are now digging deeper into the finances of banks, processors and payment facilitators which is why it is so important for merchants to work with a regulated entity. To learn more about what this could mean to you read the full column here.
Keeping your online business inline with industry rules and regulations isn’t easy. It’s a time consuming, yearly process but one that is vital to staying in compliance. The annual Level 1 Payment Card Industry (PCI) Audit is the deepest dive that a group of outside security auditors will do on a payment system to be sure its secure. This weeklong, on-site audit is required for licensing in both the U.S. and the EU and can take a team up to an entire year to get ready. In Cathy’s latest XBIZ Column, she and Segpay’s IT Director share the top three ways to help narrow down what to focus on for the 2021 PCI Audit.
“Having processes like end-to-end monitoring and analytics, along with metrics and logs across the full stack, are extremely helpful to get a bird’s-eye view of what’s going on in your company,” said Segpay CEO Cathy Beardsley.
One of the most important things to work on is cyber security and protecting yourself. You must be proactive, not reactive especially mitigating issues before they have an impact on a business. Learn more about the steps you can take to protect the health and safety of your business in the full column here.
In May we talked about Europe’s revised Payment Services Directive (PSD2), what it means, and what Segpay is doing to ensure merchants are in compliance. With PSD2’s September 14th start date less than a month away, we thought this was a good time for an update on where things stand and what will change for Segpay merchants under these new EU regulations.
YNOT took a detailed look into content the major credit card brands deem acceptable (or not) for sites taking online payments, and how merchants often must balance free expression with the necessity of getting paid for their work. Segpay CEO Cathy Beardsley was interviewed for the piece and provided insight from the payment processor’s point of view:
Cathy’s latest XBIZ.com piece, Major Card Brands Roll Out New Changes, focuses on recent updates from Visa and Mastercard aimed at reducing chargebacks, while highlighting advances in the anti-chargeback tools at our disposal, including 3-D Secure 2.0 and Visa’s Merchant Purchase Inquiry program.
While rules are getting stricter, the tools we can use to fight chargebacks are stronger than ever…. (Visa) will allow processors supporting VMPI to respond to a bank inquiry almost immediately, ensuring it does not become a chargeback.
Last year Segpay was re-authorized as a Payment Institution in the UK, and, by extension, the EU as well. It’s an important designation that tells merchants that a processor adheres to stringent governmental regulations around payment and data security, as well as anti-money laundering (AML) and counter-terrorist financing laws. In the EU, payment processors who provide settlement to merchants require a license, highlighting the importance of demonstrating compliance with these laws to ensure funds are safe.