Tremend Software Consulting, one of the fastest-growing software companies in Romania, has entered into a strategic partnership with Mastercard Romania.
„Enrolling cards in the Apple Pay eWallet and implementing the Strong Customer Authentication (SCA) mandate, part of the revised Payment Services Directive (PSD2), are among the first projects that will benefit from Tremend Software Consulting’s expertise, this year.”, according to the press release.
PSD2 is a key European Union initiative to make online payments safer, facilitating innovation and the access of new FinTech players into the market. EU countries and Romania as well have to incorporate the directive in their national legislation, and banks to publish their own application programming interfaces (APIs).
The PSD2 directive marks the banks’ transition to the Open Banking model, which will accelerate the transition process from traditional, internalized and local financial services, to digital ones, available anywhere in the European area.
In addition, with the implementation of PSD2, the online payment system will also be revolutionized. As a result, EMV 3D Secure authentication will enter a new era of security standards for online card transactions and will need to transform Strong Customer Authentication (SCA) into an industry benchmark based on the latest technologies, such as biometric authentication.
The accelerated increase in e-commerce payments entails new requirements, primarily related to the security, the forecast for 2019 at the global level being 3.9 billion worldwide e-commerce payers, while in Romania, 20% of the population has made at least one online transaction in the last year, representing an annual increase of 15%.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”