The updates are part of SAMA’s efforts to promote an innovation-based financial technology ecosystem in the KSA. By Salman Al-Sudairi, Brian A. Meenagh, and Homam Khoshaim Last month, the Saudi Arabian Monetary Authority (SAMA) issued an update to the recently implemented Payment Services Provider Regulations (PSPR), which was introduced in January 2020 to regulate Payment … Continue Reading
European Commission confirms SCA measures should apply to EU consumers purchasing from UK websites in the event of a no-deal Brexit. By Christian F. McDermott, Jagveen S. Tyndall, and Amy Smyth Complex payment processing chains comprise multiple entities operating behind the scenes to support everyday transactions. The strong customer authentication (SCA) requirements introduced by the … Continue Reading
Stripe-commissioned report projects that Europe’s online economy risks losing €57 billion when SCA goes into effect on 14 September. By Christian F. McDermott A recent report released by 451 Research and commissioned by Stripe, the online payment processing business, has found poor levels of readiness for the requirements of Strong Customer Authentication (SCA). The report … Continue Reading
As several PSD2 deadlines approach, PSPs must comply with reporting and notification requirements, as well as with their GDPR obligations. By Christian F. McDermott, Fiona M. Maclean, and Jagveen Tyndall Though the majority of the provisions relating to the revised EU Payment Services Directive (PSD2) came into force in the UK on 13 January 2018, … Continue Reading
By Christian McDermott, Calum Docherty, Stuart Davis and Anne Mainwaring The European Banking Authority (EBA) has published its consultation document on security measures for operational and security risks under the revised Payment Services Directive (PSD2). The WannaCry ransomware attack that swept across the globe last week revealed the destructive and indiscriminate nature of cyber threats. It attacked … Continue Reading
