The Benefits of PSD2 Innovative Solutions
Revolutionizing Consumer Experience: The Benefits of PSD2 Innovative Solutions
As the world continues to become increasingly reliant on online transactions, the Payment Services Directive, or PSD2, aims to enhance security and increase consumer confidence by providing practical and affordable solutions for online payments. At Matwal Solutions, we understand the importance of staying up-to-date with regulatory frameworks to provide our clients with the best services, which is why we’re excited to share the benefits of PSD2 for consumers.
Greater transparency and information
One of the key advantages of PSD2 is the transparency it provides in online operations. Users are now able to see the expenses, conditions, and execution period of their transactions without any additional cost. Additionally, they can cancel any operation without prior notice, unless otherwise agreed upon. This feature, however, loses its gratuity if the contract between the user and entity is less than six months.
Verification of unauthorized operations
Users have the right to claim the return of a payment if it was not authorized, and the payment provider must demonstrate that the operation was carried out in accordance with banking security regulations, had the necessary authorization, and was executed correctly.
Limitation of responsibility for fraudulent operations
In the event that a user is a victim of fraudulent operations, they will be responsible for an amount three times lower than the previous limit of €150, which has now been reduced to €50.
Reduction of fraud and increase of banking security
One of the key elements of PSD2 is the use of at least two of the following three methods for authentication: fingerprint, iris or facial recognition; card, digital certificate, or mobile phone; and pin or password. This approach enhances security and reduces the risk of fraud.
At Matwal Solutions, we prioritize security and provide our clients with software measures to protect both their money and data. We manage the risk of fraud by applying solutions that are tailored to individual and business needs.
PSD2 is revolutionizing the consumer experience and providing them with greater control, transparency, and security in their online transactions. Our team of experts is well-equipped to guide clients through the regulatory framework and provide them with the necessary tools to benefit from the advantages of PSD2.
All of the services provided by Matwal Solutions adhere to the strictest legal standards in the jurisdictions where we operate. If you’re interested in learning more about our services and rates.