- From September 14, new regulations apply in Europe, including authentication for online shopping and banking
- Wirecard automatically offers large as well as small and medium-sized merchants the prerequisites for two-factor authentication (3D Secure 2)
Wirecard, the global innovation leader for digital financial technology, automatically offers all new customers a fast track to PSD2 onboarding via its digital Financial Commerce Platform.
From 14 September 2019, new rules will apply in the European Union that stipulate that every online payment or banking user must authenticate himself twice (3D Secure 2): this is a combination of knowledge such as a password or PIN, items in his personal possession such as a credit card, or biometrics such as his own fingerprint. For online merchants, this means that they have to change their payment acceptance in the backend to at least two of these three factors.
Wirecard supports its corporate customers in this transition and also offers a Fast Track PSD2 Onboarding Service for all new customers. Both large customers and small and medium-sized merchants using for example the SUPR by Wirecard solution – the Group’s online shop software – benefit from this. Wirecard has already recorded a sharp increase in new customer registrations in recent months and expects a further increase of 15% in August compared with July.
Sreelekha Sankar, EVP Payment & Risk at Wirecard, 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.”
Further information can be found here. Listen and watch the webinar “Understanding 3D Secure 2: Boosting conversion and security in parallel” by Kilian Thalhammer, Vice President Product Management Payment & Risk at Wirecard.