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Strong customer authentication (SCA) is a requirement of the EU Revised Directive on Payment Services (PSD2) on payment service providers within the European Economic Area. The requirement ensures that electronic payments are performed with multi-factor authentication, to increase the security of electronic payments. [1]
The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, [1] which replaced the Payment Services Directive (PSD), Directive 2007/64/EC [2]) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA).
The following is a list of notable online payment service providers and payment gateway providing companies, their platform base and the countries they offer services in: (POS -- Point of Sale ) Company
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In April 2015, the FCA created a separate entity, the Payment Systems Regulator (PSR), in accordance with section 40 of the Financial Services (Banking Reform) Act 2013. [10] The PSR's role is "to promote competition and innovation in payment systems, and ensure they work in the interests of the organisations and people that use them". [11] [12]
The biggest non-bank provider in the UK was U.S.-headquartered Western Union whose market share rose to 3.4 percent from 3.0 percent. [9] UK foreign exchange companies are regulated by the Financial Conduct Authority (FCA). They are usually authorised by the FCA as either an Electronic Money Institution or Authorised Payment Institution.
A payment service provider (PSP) is a third-party company that allows businesses to accept electronic payments, such as credit card and debit card payments. PSPs act as intermediaries between those who make payments, i.e. consumers, and those who accept them, i.e. retailers. [1]
This is intrinsically linked to the lack of payment and therefore of an economic link. Services provided by governments or public entities are called "Services of General Interest". In practice, this means services that are considered to be "essential" and therefore subject to specific public services obligations. [7]
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