Online spending volume has expanded in the past few years, with the value of digital payments worldwide expected to grow at a compound annual growth rate (CAGR) of 15% between 2021 and 2028. This includes both business-to-business (B2B) and consumer-facing payments, presenting intriguing new opportunities for today’s merchants. As online payments become more prevalent, however, lawmakers worldwide are beginning to pay closer attention to digital data security and privacy. Regulators have therefore stepped up their efforts to keep digital transactions secure, adding new requirements to standards such as the Payments Card Industry Data Security Standard (PCI DSS) — which sets security and privacy guidelines for all companies handling and processing credit card information — that have existed for a decade or more. This includes rules such as the European Union’s 2018 Payment Services Directive (PSD2), as well as the messaging protocol known as 3D Secure which is aimed at strengthening card authentication measures. Complying with these shifting rules while still offering the seamless experience their customers need is, therefore, top of mind for today’s businesses, no matter their market.
In the latest Payments Orchestration Playboo k , PYMNTS analyzes the challenges and frictions merchants face worldwide as they look to comply with regulations such as PCI DSS, 3D Secure and other such requirements. It also takes a quick look at how payments orchestration can enable businesses to overcome these frictions, help them bring new products to market more swiftly and provide seamless experiences for their own customers.
Around the Payments Orchestration Ecosystem
New online financial regulations have taken shape swiftly within the EU, with laws such as its General Data Protection Regulation (GDPR) requirement to add further protections for the use and sharing of personal user data. Three years after the rule’s ratification, EU regulators are imposing harsh fines on […]
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