Information and Resources

Reviewing Access Control Server Integration for SCA

In order to receive 3D Secure messages, process said messages, and authenticate card users, issuing banks must deploy Access Control Servers (ACS). To ensure that transaction integrity is never compromised, the Okay software works in parallel to prevent attacks and protect user information during confidential transactions. The process looks a little something like this:

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How Okay Can Help with PSD2 RTS SCA Compliance

Compliance, requirements, deadlines, oh my! By now you should have a comprehensive overview of what to be aware of as PSP. As such, it is time to wrap up the topic of SCA compliance. In this article, we cover how Okay uses security evaluations to fine-tune our product as well as how we can help you meet SCA PSD2 RTS compliance standards.

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Understanding PSD2 RTS SCA Compliance

Compliance. A scary term for any payment service provider (PSP) in a world of increasingly stricter regulations and requirements. To make it a little less scary, we are opening the PSD2 RTS Compliance door to extract some key points of interest. Read on for the fundamental requirements PSPs should be aware of if issuing cards or e-money payments and why said requirements are necessary.

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How Virtual IBANs Enhance the Growth of B2B Cross-Border E-commerce Businesses

One of the more vexing problems of the modern age when it comes to international business is that regulatory regimes often do not keep pace with technological innovation.

Nonetheless, novel solutions to B2B cross-border business have emerged in the form of virtual IBANs, financial instruments that drive the innovation economy and enable new, powerful business models.

Here we have outlined three ways that virtual IBANs are transforming the way companies do business locally and abroad:

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KYC Done Right Means Competitiveness and Business Growth

When it comes to digital banking and compliance, robust KYC practices not only prevent fraud and financial losses but also strengthen a firm’s ability to conduct business with confidence.

This is typically because of the four key elements of strong KYC practices that make sure firms know who they’re doing business with and what to expect from that relationship.

We’ve identified the four essential elements of effective compliance in KYC practices for digital banking in order to show you how they help improve the competitiveness of businesses of any size or scale:

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Driving Forces and Technology Trends Behind Fintech Innovations in 2021

The year 2020 saw many of the innovations and prognostications of analysts come true as contactless payments and digital banking solutions drove the field of Fintech innovations. Looking ahead, however, 2021 could be the year that consolidates much of this growth and prepares the economy for the next stage of digitization.

We at Monneo have identified five major trends that we think are driving the Fintech innovations in digital banking, in 2021 and beyond:

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The New Era of Custom Business Payment Solutions and the Impact on Digital Banking Services

The digital banking era is upending traditional payment solutions and transforming the global financial industry in the process. And this is on both the corporate and consumer level with changes in payments solutions reaching into every facet of the international economy.

These innovations in digital banking are not only enabling increased efficiencies and expediting capital flows at a rate previously unthinkable but also are leading the way in changing the dynamic and level of depth of the business-customer relationship.

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Re-enrollment, Customer Onboarding and Magic Links

The reason why re-enrollment is so sensitive is simple: when you do an app-based strong customer authentication (SCA), the user has already been authenticated on the device. This means that it is possible to check the ‘possession’ factor using a device fingerprint from before.

If a customer has a new device, and has an existing device registered to their account, we recommend using SCA to enroll. A typical way to do this would be to use a QR code that the user can scan from one device to another. In the case where there are no existing devices linked to an account, we recommend that the customer go through a full “know your customer” (KYC) procedure in order to re-enroll their new device.

One of the ways we’ve helped our customers strengthen their re-enrollment process is to implement a mechanism known as ‘magic link’. A magic link is a link received through a semi-secure channel that authorises the customer to use a particular device. Using a link like this can be practical, as the re-enrollment procedure might be stretched out over time.

Interested in hearing more about Magic Links? Be sure to read the full article at okaythis.com/blog.

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COVID-19: How PPS overcame the challenges of a pandemic through a seamless HR strategy  

Over the course of the pandemic, PPS’ HR Director, Corinne Williams, has worked tirelessly to deploy a pioneering strategy to ensure the safety of the company’s 250 strong workforce over the last year, with various processes in place to roll out homeworking through tailored kits and a top-class well-being programme. All of this to ultimately continue to maintain its high level of operations for some of today’s leading brands that are changing the face of financial services as we know it.

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What Makes Successful Businesses Thrive in the E-commerce Space, Too?

The recipe for success in the e-commerce business is much the same as any other entrepreneurial endeavor except it comes with many opportunities for growth and leverage that physical businesses don’t have.

Online business may be the future of many markets, and for good reason. From scalability of immediately needed resources to cost-effective innovation and optimization, we have identified five key elements of success for e-commerce business in the modern age:

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How to Secure Your E-commerce Business Against Cybercrime and Cyber Threats?

E-commerce businesses can’t put enough of a premium on online cybersecurity and protection against threats. Not only can malicious actors steal data and commit fraud, but they can also completely undermine a customer’s confidence in your business.

To avoid costly fraud and cyber threats, we’ve found five primary areas of focus that e-commerce businesses need to keep in mind as they move forward in the online market:

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Strong Customer Authentication or SCA: is Europe 3D secure (2.0)-Ready?

As part of a European Union mandate called the Revised Directive on Payment Services, or (PSD2), merchants operating in the EU economic zone must use payment service providers within the European Economic Area that offer what is known as strong customer authentication.

This is also sometimes referred to as the SCA requirement or the PSD2 compliance. In essence, this directive ensures that transactions occurring within the EU’s economic territories make use of multi-factor authentication in order to verify a buyer’s identity.

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Challenges and Opportunities Borne by the European Single Digital Market

The promises of the European Union single market, while not full borne out in the reality of the business world, where the same are actually still far from the dream promised when it comes to the virtual single market. What does this mean?

In other words, the European Union might act as a single market when it comes to monetary issues and beyond, but the EU single digital market is hampered and its growth restricted by a myriad of factors including various compliance regimes and the logistical mastery needed to make it all work.

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Remote Dial as a Fallback for PSD2 SCA

If your goal is to service the largest percentage of market users, respect must be given across all accessibility levels. But what is a reliable solution for non-smartphone users? In this post, we review our remote dial option as a reliable PSD2 SCA fallback.

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SCA Deadlines Across Europe

We have spoken a lot about strong customer authentication (SCA) over the past year. However, the regulation has technically been in effect since mid-September of 2019. Now well into 2021, it is time for all European countries to fully enforce the updated SCA regulations. Let’s take a look at some of the deadlines.

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The Future is Frictionless: Customers Care About Shopping, Not Payments

Okay wants to make the payment process as smooth as possible, specifically when it comes to customer authentication. While this is just one part of the payment process that can introduce friction, it is often where checkout abandonment occurs. In this post, we’ll try to describe some of the options that we’ve seen in the market regarding frictionless payments, including their strengths and weaknesses.

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B2B Cross-Border Payments and Virtual IBANs: What’s the Common Benefit for Businesses?

One of the great innovations of the modern age is the ability of eCommerce to connect businesses, merchants, and consumers all across the world. Not only has this opened up new opportunities for businesses and consumers alike, but also it has expanded the realm of what is possible for small and medium enterprises on the global stage. And here we start with the interesting part of the current topic.

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What 2021 Will Bring to the Global Payments Industry

The global economy is expected to begin the process of recovery from the 2020 pandemic throughout 2021 and an integral part of that will be the payments industry as well as virtual IBANs and digital banking.

Analysts see five major trends on the horizon for 2021 in how things will change for the payments industry and digital banking services including enhanced automation to more robust identity verification as well as an authentication technology.

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What’s New in the EU Single Digital Market Arena?

Now, in 2021, and with the Brexit negotiations in their rearview mirror, the EU market is looking to digital banking solutions to help address problems of inequality, sustainability, and supporting a circular economy.

Indeed, the future of the market in Europe is not only digital but digital banking, in particular, will play a huge role in bringing about the social transformations and member-state cohesion needed to build economic resilience and growth for the future.

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Corporate Banking Digitalization in Process: Trends and Driving Forces

What are some of the major forces driving the corporate banking digitization process? What are the factors and trends behind some of the most seismic moves in recent years in this otherwise quite conservative industry? What are the main key-topics we should have on our radar in order to stay ahead of our business competitors and be the first to learn what would be the next
“big thing”?

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Digital Payments: What’s the Next Big Thing?

Not only is the extension of digital banking services and digital payments solutions integral to the growth of mobile and online marketplaces, but also it is central to the monetary revolution taking place right now with cryptocurrencies and the rise of a cashless economy. We have identified three major movements in digital banking that could shape how the next several years play out, from enhanced payments processing to the integration of new consumer blocks into the financial system.

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Which is More Secure: Apple’s iOS or Google’s Android?

Will our smart devices be able to implement the necessary security measures to keep up with an ever-increasing digital marketplace? If so, which ones will reign supreme? In this article, we reflect on an age-old question of iPhone vs Android device, well worth considering by all financial industry players, big or small.

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Six FinTech providers that could boost your business in 2021

Every business from sole traders to large corporations are always on the lookout for ways to save time and money.

With the big banks’ monopoly on providing financial services now broken by FinTechs and new players in the Open Banking space, the choice of alternatives has never been more exciting – and maybe a little confusing for newcomers.

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QR codes could become a mainstream payment method in 2021

2020 saw significant growth in digital payments with the pandemic as one of the key factors. Covid 19 and shifting consumer behaviours steered the move toward contactless options and Open Banking for a safe, efficient, and contactless alternative to traditional payment methods.

Discover how Account to Account payment providers like Nuapay have worked to enable seamless recurring payments for businesses to deliver a faster and more frictionless experience for their customers.

Explore key trends including subscription models powered by recurring payments and QR codes which are fast becoming a mainstream payment method.

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Virtual Accounts Making Massive Impact

Digital banking is not only the future of banking but also it is allowing for new business segments to emerge and for smaller companies to compete on a more level playing field with major competitors. We’ll explain what they are and how they are making such a massive impact on the financial landscape of today.

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COVID-Driven Innovations: Digital Banking is the New Status Quo

The COVID-19 pandemic is changing the way businesses conduct themselves online as well as customer expectations about what they can do. In other words, shopping has moved from the retail space to anywhere a consumer has a smartphone and digital banking is among the greatest business innovations that have enabled this brave new world.

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A Cash-Free World through Biometric identification: Why and How?

The future of global commerce could be a cashless society, many experts predict, and that puts the burden on financial institutions to make sure their customers’ data is secure and protected.

As digital banking rises to replace the more traditional industry, one phenomenon has arisen hand-in-hand with it and that is the use of biometric technologies.

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AI Advancements in the Digital Banking Industry

The rise of digital banking has taken the traditional financial sector by surprise and for many good reasons. From pioneering the art of customer service online to using artificial intelligence to handle many of their operational tasks, digital banking is not just a glimpse of the future of finance. It is a peek into the future of the world of business itself.

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Why Covid-19 is Good for the Digital Transformation of Businesses?

The COVID-19 pandemic is nothing less than an inflection point for the global economy. From this point on, people will discuss business in terms of pre-COVID-19 and post-pandemic, and for good reason.

The global pandemic has initiated changes in the global supply chain that were slowly developing before but that are now becoming more prominent features of the landscape. Not only are companies pulling resources in towards the home base, but also they are recentering their businesses for the digital landscape.

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Have Biometric Technologies Brought the FinTech Industry to the Next Level?

The future of the FinTech industry might have more to do with a person’s individual biology than numbers and chips in the future, multiple reports indicate. Known as biometric technologies, this group of payments innovations remove the old pin systems and chips of old and replace them or augment them with fingerprint scanners and other biometric methods.

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Europe First? The Future of the EU Single Digital Market

Is the European Union going to be the first major global economy to embrace the digital economy advancements, all the benefits it brings forward, and all the digital banking solutions that are coming along the evolution of tech services? What will the EU Single Digital Market bring up on the business horizon?

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The State of Digital Banking in 2020

Across the world, traditional banking is transforming into something else entirely and the full outline and scope of the future of the industry, while not yet fully understood, already presents some amazing opportunities for firms looking for an edge, business innovation and revenue growth.

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