Centraleyes is proud to announce the addition of the PSD2 regulation to the growing framework library.
The Revised Payment Services Directive (PSD2) is a European Union (EU) Directive, administered by the European Commission to regulate payment services and payment service providers throughout the EU and the European Economic Area (EEA).
Centraleyes streamlines PSD2 compliance by mapping the framework back to its extensive library. The platform utilizes customized smart questionnaires based on the PSD2 requirements for automated data collection and analysis, prioritized remediation guides, as well as actionable dashboards with real-time risk and compliance scores that easily help achieve full compliance.
Using the Centraleyes platform to achieve PSD2 compliance saves hundreds of hours of manual work as well as ensures continuous compliance of the regulatory requirements. If you’re managing other compliance, risk or privacy frameworks, the platform removes the majority of redundant activities making the entire process far more efficient.
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The primary objective of the PSD2 requirements is to generate a more integrated European payments market, improving payments security and protecting consumers. This directive affects European banks and other financial institutions, Payment Service Providers (PSPs), and business owners. It also impacts the US and other regions of the world. PSD2 includes 117 articles.
Under the PSD2, the European Banking Authority (EBA) published Guidelines on security measures for operational and security risks of payments services. These Guidelines ensure equal conditions for competition, and mitigate the increased security risks associated with electronic payments. As a result, users, payment service providers (PSPs) and payment systems experience less disruption.
These Guidelines were designed to ensure that payment service providers have implemented adequate security measures to reduce operational and security risks. Security measures should include the establishment of an effective operational and security risk management framework, processes that prevent, monitor and detect potential security breaches, continuous testing, risk assessment procedures, and processes to raise awareness to Payment Service Users on security risks and risk-mitigating actions.
Noncompliance with PSD2 can result in significant loss of business to organizations that are PSD2 compliant. Centraleyes enables organizations to replace inherently slow and outdated procedures with a highly agile and innovative solution, reducing the cyber risk and compliance teamâ€™s workload, while significantly strengthening your risk and compliance posture.
Learn more: https://www.centraleyes.com/standards-psd2