FORT LAUDERDALE, Fla.—Digital payment processor Segpay has announced that it is now fully compliant and ready to process merchant transactions in both the UK and EU ahead of two major changes that will impact European payments: PSD2 and Brexit. Both mandates are scheduled to take effect on Dec. 31, 2020.
Segpay has implemented a Strong Customer Authentication (SCA) program, making it fully compliant ahead of the EU Revised Payment Service Directive (PSD2). SCA is based on two forms of authentication for online and card-present transactions which will be mandated at the end of December. Merchants not able to meet the deadline are able to point their EU consumer traffic, that typically is processed through an EU acquirer, to Segpay to meet the new compliance requirements.
“It was a pretty heavy lift to get the system ready to support 3D secure 2.0 as well as meet all of the PSD2 rules,” said Segpay CEO Cathy Beardsley. “We are proud to be ahead of schedule and able to offer options for those who find themselves struggling to meet the deadline.”
Segpay also secured its EU license last September and officially opened its Ireland office, meeting the licenced processor requirements of financial, compliance and support personnel in both jurisdictions. Segpay merchants located outside the UK will transition to Segpay’s Ireland entity and license, and they’ll be processed and paid out through Segpay’s European banking network. Segpay’s UK merchants will remain with Segpay UK and will be processed and paid out through Segpay’s UK banking network.
“Once European merchants sign an agreement with Segpay Ireland, they can continue to operate seamlessly,” Beardsley noted.
For more information about processing across Europe with Segpay, contact [email protected].
