In today’s modern payments space and Open Banking era, businesses need to ensure that they remain compliant with new payment services regulations. The new Directive on payment services (PSD2) was introduced to standardise communication between banks and third-party service providers (PISPs and AISP) while harmonising and bolstering the authentication process.
The payment or transaction page is the most important interaction many businesses can have with their customers. It might be their only interaction, but it might also be the start of a long relationship, and this can depend on how easy and secure the payment process is.
Each failed payment processed through a business could cost £50 in charges, time spent fixing the error, resending costs, and exchange rate fluctuations. When looking for a solution, it’s important to make sure the data gathered and checked is as comprehensive and up to date as it can be to avoid any errors.
In total, Validate has saved over £125 million in operational costs for our clients and they’ve never lost a payment.