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2Checkout Announces PSD2 Compliance
Online merchants selling into the EU with 2Checkout are covered effectively for all PSD2 and SCA related compliance issues
ATLANTA, GA - September 12, 2019: 2Checkout, the leading all-in-one monetization platform for global businesses, announced compliance with the second Payment Services Directive (PSD2) regulatory framework, including Strong Customer Authentication (SCA) for customer-initiated payments and EMV® 3D Secure (3D Secure 2).
Presented as a catalyst for innovation in the financial industry, PSD2 is a revised regulatory framework for payment services, initiated by the European Banking Association. PSD2 comes with regulatory changes, not only for payment service providers, but also for European digital merchants that are selling any type of product to customers within the European Economic Area (EEA). The introduction of SCA for customer-initiated payments with the implementation of 3D Secure 2 is one of the key changes impacting how online sales will be conducted within the EEA.
2Checkout is fully compliant with these changes, and ensures that its clients are also covered, regardless of their location or the business model they are employing. As a result of this compliance, 2Checkout merchants can:
• Minimize customer friction during the payment process: 2Checkout's API driven, advanced ordering engine reduces customer drop-offs. Transactions are authenticated based on the historical data available at the issuer, without requiring shopper intervention.
• Avoid churn and continue accepting recurring payments: 2Checkout identifies subscriptions that require authentication; dunning management is also in place for improved retention.
• Improve conversion and authorization rates: 2Checkout constantly analyzes transactions and leads them automatically, by intelligent payment routing, to different approved flows, while optimizing for SCA exemptions.
"With the deadline for SCA fast approaching, we are here to assure our clients across the EU that we are ready. We are primed to manage not only the new 3D Secure 2 authentication flows, but also to correctly apply exemptions for recurring payments, low value transactions, low risk transactions, and trusted beneficiaries," said Stefan Verbaarschott, Director, Compliance at 2Checkout.
"2Checkout is continuously investing in compliance, and PSD2 and SCA are great examples of this effort. Regardless of our clients' business model, or the markets they sell into, we'll provide them with a compliant and optimized purchase process. This will ensure they maintain a great customer experience, and at the same time achieve high conversion rates," said Erich Litch, President and Chief Operating Officer at 2Checkout.
For more information on how 2Checkout is helping merchants meet compliance with the PSD2 and SCA regulatory framework, please see the 2Checkout dedicated landing page on PDS and SCA as well as the following resources:
• What is PSD2 and what does strong customer authentication (SCA) mean for you - Article;
• All you need to know about PSD2 and Strong Customer Authentication if you sell online - including Technical Documentation; and
• All you need to know about PSD2 and Strong Customer Authentication if you sell online - Webinar.