FT. LAUDERDALE, Fla. — Segpay announced today that it is fully compliant and ready to process merchant transactions in both the United Kingdom and the European Union ahead of two major changes set to impact European payments: PSD2 and Brexit.
Both mandates are scheduled to take effect on December 31, 2020.
Segpay has implemented Strong Customer Authentication (SCA) 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 now 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,” Segpay CEO Cathy Beardsley said. “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 an Ireland office, meeting the licensed processor requirements of financial, compliance and support personnel in both jurisdictions.
Segpay merchants located outside the U.K. will transition to Segpay’s Ireland entity and license. They’ll be processed and paid out through Segpay’s European banking network.
U.K. merchants will remain with Segpay U.K. and will be processed and paid out through the company's U.K. banking network.
“Once European merchants sign an agreement with Segpay Ireland, they can continue to operate seamlessly,” Beardsley added.
For more information, contact sales@segpay.com.