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PSD2 – a new double-check for business
The new EU regulation Payment Services Directive 2 (PSD2) will be here later this year, with the aim of making online servicing and transactions more secure and with increased protection from fraud.
PSD2 is an industry-wide regulation that will affect all banks, businesses and customers. That’s why we have loads of useful information, including bitesize videos, helpful FAQs and an infographic to help you understand the impact of PSD2 and SCA for your business.
New regulations can often sound complicated, so we’ve compiled a list of FAQs to help answer any concerns you may have about PSD2.
Whether you want a better understanding of the changes that are coming or just need a bit more detail on the new PSD2 regulation, we’ll help you find the answer you’re looking for here.
A key element of PSD2 is Strong Customer Authentication (SCA), a new additional step in security. Online servicing and transactions will no longer be made using just your card details – another stage of validation will be needed to prove it’s really you. This is commonly known as two-factor authentication and you will need to select two out of the following three categories:
For example, when paying online, you could use a password (something you know) or your PINsentry card reader (something you have) to authenticate your payment. It’s a similar process when you log into online servicing. You could use a PIN (something you know) or your PINsentry card reader (something you have) to confirm your identity.
Using an SMS message to confirm it's you
Here’s how you can use a text message sent to your mobile to complete your online payment.
Authenticate yourself with a PINsentry card reader
See how you can complete your online payment or log into your online servicing account using a PINsentry card reader.
Log into Barclaycard online servicing
See how you can confirm it’s you when logging into your Barclaycard online servicing account.
Introducing authentication cards
Received an authentication card to log into Barclaycard online servicing? Here’s everything you need to know about it, including why you might need one for your business.
Also taking payments under PSD2?
We have a host of resources, industry insight and information to help you understand how to utilise PSD2 in your payment strategy, and how the new regulation could impact your corporate business.