ZOOZ and PSD2 : The important bits you should know
The latest EU Revised Payment Services Directive (PSD2) adds another layer of Strong Customer Authentication (SCA) requirement to transaction flows and is planned to go into full effect as of 14 September 2019.
You are probably aware of a recent call for an extension for the above deadline. Issuers and acquirers are currently working with their local regulators in the European Economic Area (EEA) to agree whether any deadline-flexibility will be offered and if so, to agree on a migration plan.
Nevertheless, merchants should still make all necessary preparations to comply in time.
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What ZOOZ is doing for you
As part of our ongoing commitment to our customers, we are currently making all of the necessary arrangements to be fully compliant with PSD2 requirements in due course. ZOOZ efforts are currently focused on:
1. Making sure API 1.3 supports all required 3DS 2 fields. For a detailed list of supported fields please refer to our documentation.
2. Taking care of integrations with different payment providers to support merchants which are using either Internal or External MPI flows .
What you need to do as a ZOOZ customer
As a ZOOZ customer, You are kindly requested to make sure you are using the updated ZOOZ API 1.3 version. Additionally, we kindly ask that you’ll stay tuned for communications coming from ZOOZ in the near future, as further actions may be required on your side. If you encounter any issues, you are welcome to contact our support department.
PSD2 and 3DS 2 : Further reading
The proliferation of mobile technologies and alternative payment channels has made it easier for consumers to make online purchases and led to the rapid growth of e-commerce. But while digital commerce continues to gain in popularity, incidents of fraud are on the rise as the verification of customer identity in card not present transactions becomes a real challenge.
Make sure to check our recently published 3DS 2 guide, to get a better understanding of what it is, its implications on merchants and also its surprising benefits.
