Turkey is the world’s 19th largest economy, with a sizable young and tech-savvy population and well developed banking and electronic payments markets.
Our client is a regulated and licensed card processing and payment service provider and one of the leaders in digital payments and card processing in the Middle East and Africa.
Stripe has consistently demonstrated its desire and ability to bring payment innovation to the market. It should then not come as a surprise that earlier in June, Stripe announced the launch of a new solution in Europe, called delegated authentication, with the aim of improving payment conversion.
UK/EU post-Brexit negotiations recently stalled again. Any economic trade deal between is to some extent dependent on both sides maintaining ‘continued regulatory alignment’ and avoiding ‘regulatory divergence'. In the world of payments regulation, there is evidence of the latter taking place.
As a decentralisation security solution, Strong Customer Authentication (SCA) forces all stakeholders to be compliant for remote electronic payments, from the account servicing payment service provider (i.e., the issuer) through to the acquirer, retailer, and the cardholder.
The PSD2 SCA rules came into effect across the EEA on Saturday 14th September. These SCA rules essentially introduce additional anti-fraud security steps to correctly identify a customer before certain types of remote payments are authorised and processed.