Segpay is Ready for PSD2

After working on it for months, we’re pleased to announce that Segpay is fully compliant with the European Service Directive PSD2.  Because of PSD2, merchants are required to have a strong form of 3-D Secure verification.  Merchants using our one-click service can take advantage of Segpay’s new seamless solution. Through a shortened version of the payment page, merchants will have their own area that doesn’t require consumers to interact with the Segpay portion.  Customers still may have to complete the challenge as required by their issuing bank.  Segpay supports all versions of 3-Ds, both 1.0 and 2.0.  In addition to the smoother, one-click service experience merchants can also indicate that a transaction is to be merchant initiated to get the SCA exemption and skip another validation.  This is designed for merchants who are either controlling their own rebills or doing their own on-demand billing like reloading consumer tokens when they get to a certain balance. 

Need help navigating PSD2? Simply reach out to your account manager or Segpay’s technical support team at at 1-800-996-0398 or Internationally at +1 954-376-3593.  We can also provide the updated PSD2 guidance document. 

What’s Ahead for Payments as 2020 Comes to an End

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. 

In her latest XBIZ Column, Cathy shares what these changes mean to you and how you can best prepare for them.

“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.”

To read Cathy’s full column click here.

Segpay Fully Compliant Ahead of Year-End Deadline

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 sales@segpay.com.

PSD2 Update: What Merchants Should Know

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.

Continue reading “PSD2 Update: What Merchants Should Know”

New Version of 3-D Secure Helps Merchants Comply with PSD2 in Europe

Europe’s second, or revised, Payment Services Directive (PSD2) will change how banking is done in the EU by opening up the financial services industry to more competition. However, while PSD2 creates the opportunity to access new markets, it also imposes strict regulations to ensure that anyone handling consumer information or transferring payment data is doing it safely.

Continue reading “New Version of 3-D Secure Helps Merchants Comply with PSD2 in Europe”

Segpay Re-Authorized as Payment Institution in the UK

Great news, we were re-certified as a licensed Payment Institution in the UK, which means Segpay complies with the new PSD2 directive in the EU, and can continue providing payment services in the UK and EU. From our official announcement:

Compliance with PSD2’s stronger requirements on data security and consumer protections maintains Segpay’s reputation as a secure, trusted provider,” said Cathy Beardsley, CEO of Segpay. “Our policies and procedures are ahead of our competitors and receiving this authorization demonstrates our continued commitment to go above and beyond to be a leader in compliance.