Wirecard releases new PSD2 fast track service

Wirecard, digital financial technology developer, has released a new fast track to PSD2 onboarding through its digital Financial Commerce platform.

Under PSD2’s Strong Customer Authentication (SCA), which comes into effect on September 14, online payments in the EU must be supported by two-tier authentication. This requires a combination of knowledge such as a password or PIN, an item in possession like a credit card, or biometrics such as a fingerprint.

Wirecard now supports corporate customers with the SCA changes with its new fast track service. Both large and SME merchants can make use of the service to meet compliance.

Wirecard EVP payment and risk Sreelekha Sankar said, “We see the current period shortly before the transition to the new PSD2 regulations very positively.

“Thanks to our fast-digital service offering, our merchants have nothing to be concerned about. Of course, we are pleased that, as a result, we are seeing an above-average number of new customers, both in the large merchant segment on the Wirecard platform as well as in the SME segment via SUPR.”

Wirecard builds software to help businesses accept online, offline and mobile payments. Its products, which are used across the retail, services, and banking industries, not only help with processing various payment types but can help protect businesses from fraud via risk management support.

Earlier in the year, Softbank invested €900m into Wirecard as part of a strategic partnership to expand into East Asia.

Copyright © 2019 FinTech Global

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