Latest news with #PSD2
Globe and Mail
14 hours ago
- Business
- Globe and Mail
Alona Shevtsova Unveils Enhanced 3D Secure Integration to Boost Sends' Transaction Security
London, United Kingdom--(Newsfile Corp. - June 5, 2025) - Sends, a fast-growing digital financial services provider, announced the deployment of enhanced 3D Secure (3DS) protection across its payment platform, further safeguarding customer transactions in an increasingly digital economy. sends To view an enhanced version of this graphic, please visit: The upgrade introduces support for 3DS2, the latest version of the 3D Secure protocol used for authenticating online credit and debit card payments. This next-generation security layer delivers a more seamless user experience, greater fraud prevention, and improved compliance with global regulatory standards, including the EU's Strong Customer Authentication (SCA) requirements under PSD2. "As digital payments continue to transform, so do the expectations around security," said Alona Shevtsova, CEO of Sends. "Our enhanced 3DS integration ensures that our users and partners can trust the integrity of every transaction-without adding unnecessary friction." Sends, as an acquirer, always uses 3DS for secure payment processing, fraud reduction, and compliance with PSD2 requirements. This consistent application of strong authentication practices is central to the company's strategy of delivering trusted, compliant payment experiences for businesses and consumers alike. The enhanced system utilizes contextual data-including device ID, location, and behavioral patterns-to assess transaction risk in real time. Low-risk payments can proceed without interruption, while high-risk transactions trigger additional verification steps such as one-time passcodes or biometric checks. The improved 3DS framework is fully operational across all Sends-supported payment flows and applies to both business and personal accounts. It also ensures stronger protection for cross-border payments, subscription services, and mobile-first transactions. This update is part of Sends' broader initiative to invest in advanced fraud detection, AI-driven risk prediction, regulatory readiness, and world-class customer trust infrastructure. For more information about Sends' security practices and platform updates, visit
Yahoo
15 hours ago
- Business
- Yahoo
Alona Shevtsova Unveils Enhanced 3D Secure Integration to Boost Sends' Transaction Security
London, United Kingdom--(Newsfile Corp. - June 5, 2025) - Sends, a fast-growing digital financial services provider, announced the deployment of enhanced 3D Secure (3DS) protection across its payment platform, further safeguarding customer transactions in an increasingly digital economy. sendsTo view an enhanced version of this graphic, please visit: The upgrade introduces support for 3DS2, the latest version of the 3D Secure protocol used for authenticating online credit and debit card payments. This next-generation security layer delivers a more seamless user experience, greater fraud prevention, and improved compliance with global regulatory standards, including the EU's Strong Customer Authentication (SCA) requirements under PSD2. "As digital payments continue to transform, so do the expectations around security," said Alona Shevtsova, CEO of Sends. "Our enhanced 3DS integration ensures that our users and partners can trust the integrity of every transaction-without adding unnecessary friction." Sends, as an acquirer, always uses 3DS for secure payment processing, fraud reduction, and compliance with PSD2 requirements. This consistent application of strong authentication practices is central to the company's strategy of delivering trusted, compliant payment experiences for businesses and consumers alike. The enhanced system utilizes contextual data-including device ID, location, and behavioral patterns-to assess transaction risk in real time. Low-risk payments can proceed without interruption, while high-risk transactions trigger additional verification steps such as one-time passcodes or biometric checks. The improved 3DS framework is fully operational across all Sends-supported payment flows and applies to both business and personal accounts. It also ensures stronger protection for cross-border payments, subscription services, and mobile-first transactions. This update is part of Sends' broader initiative to invest in advanced fraud detection, AI-driven risk prediction, regulatory readiness, and world-class customer trust infrastructure. For more information about Sends' security practices and platform updates, visit Contact InformationFor media inquiries or support, contact: support@ | contact@ is a trade name of SMARTFLOW PAYMENTS LIMITED, registered in England and Wales (Company No.11070048). Address: Office 39.18, Level39, One Canada Square, London, England, E14 5AB Marketing Department contacts: pr@ Contact: Anastasiia Pervushyna To view the source version of this press release, please visit
Finextra
a day ago
- Business
- Finextra
What happens when money thinks for itself?
0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. This is an excerpt from The Future of European Fintech 2025: A Money20/20 Special Edition. The evolution of financial technology is characterised by increasing levels of simplicity, efficiency, and integration. We saw this in 2016, when Europe's second Payment Services Directive (PSD2) encouraged financial institutions to open up their data and infrastructures – paving the way for banking-as-a-service and embedded finance. Fast-forward to 2025, and preparations are already being made for PSD3 – and even deeper levels of functionality and harmonisation. But the technology's development is hardly linear, and every so often innovations land that spark a deep and wide cross-industry revolution. Few would argue that artificial intelligence (AI) lacks this potential, particularly in the world of financial services and product personalisation. So, what might the dawn of AI mean for stakeholders? What happens when money thinks for itself? Enter the stage: Embedded intelligence. Standard Chartered's Vibhor Narang, executive director of structured solutions cash management, transaction banking, Europe said in an interview with Finextra: 'AI and big data are redefining the landscape of financial services, propelling the industry toward an era of hyper-personalisation and smarter client engagement. At Standard Chartered, we see AI as the engine driving a shift from generic offerings to deeply tailored financial experiences – leveraging advanced data analytics to anticipate client needs, delivering bespoke advice, and streamlining every touchpoint.' Indeed, industry data shows that AI-powered personalisation can reduce operational costs and boost customer retention considerably, underscoring its transformative impact on both efficiency and loyalty. 'Our commitment is to harness these technologies,' Narang added, 'not just for incremental improvements, but to reimagine how we build trust and relevance with every client interaction.' This level of transformation, however, will not come without challenges. The complexity and opacity of advanced AI models – along with the volume of data involved – creates heightened concerns around privacy, explainability, and bias, Narang argued. 'We believe responsible innovation is non-negotiable: robust data governance, transparency, and ethical AI frameworks must be embedded at every stage,' he said. 'As financial institutions, our true competitive edge will be measured not just by how smart our algorithms are, but by how deeply we earn and sustain client trust in a digital world.' So, by balancing cutting-edge innovation with unwavering stewardship of data and privacy, Standard Chartered is hoping to set a robust standard for the future of personalised finance. Conor McNamara, EMEA CRO at Stripe, emphasised the need for balance of personalisation and security, stating that businesses need to manage the complexity of checkouts carefully, 'to strike the optimal balance between fraud prevention and conversion; doing it poorly introduces needless friction, and causes legitimate sales to be blocked or abandoned.' A spokesperson from NatWest was in alignment on the utility of AI for personalisation, as well as the surrounding data and ethical issues: 'AI is undoubtedly a key enabler of our ambitions and is quietly reinventing how we operate – freeing up our colleagues and helping them to provide the service our customers expect. As we increasingly use AI to support personalised interactions, such as with our AI-powered chatbot Cora, which provides everyday banking support, we are seeing real improvements in customer satisfaction and colleagues' productivity. At the same time, we are taking a considered and measured approach to make sure any AI usage is managed responsibly. 'That's why we've developed a set of ethical AI and data principles to ensure our systems are subject to human oversight, technically robust, free from unfair bias or discrimination. Privacy is a critical focus, particularly in light of [the European Union's General Data Protection Regulation (GDPR)] regulation, and our robust code of conduct ensures we evolve with new regulations while maintaining trust and transparency.' BNY Mellon's Carl Slabicki, executive platform owner, treasury services, added that for treasury clients, AI and big data can help deliver personalised cash management strategies, predictive analytics for liquidity forecasting, and customised risk management solutions. However, Slabicki stressed that achieving this requires 'careful consideration of key challenges, including data privacy and security, regulatory compliance (such as GDPR), and maintaining consumer trust through transparent and ethical AI practices.' It would seem that striking the balance between innovation and these critical factors will be essential for the widespread adoption of AI-driven treasury services across the market, in the short to mid-term. Ahmed Badr, chief operating officer, GoCardless, said that 'the combination of large language models (LLMs) and machine learning (ML) means that it's now possible to deliver personalisation at scale. ML is stronger when it comes to mining structured data for the deep insights that are needed for truly personalised offerings, and AI provides the automation and efficiency to help organisations manage a myriad of personalised offerings.' Used in the right way, these technologies can be a powerful combination, though Badr also acknowledged the need for institutions to tread carefully: 'The 'watch-out' is knowing where to draw the line when it comes to using personal or identifiable data which would rightly be viewed suspiciously by customers. Financial organisations have access to vast amounts of data which can be anonymised and used to power personalisation models, without breaching confidentiality and trust. This approach allows for highly personalised interactions with AI agents that can respond in natural language, giving customers greater control and a more intuitive, tailored experience.' McNamara highlighted the potential of agentic AI to proactively act on behalf of the user in ecommerce spaces, something that Stripe is currently developing: 'Our new AI Agent SDK and Order Intents API enable AI agents to independently perform actions like purchasing products and finalising transactions based on natural language instructions from users, with security measures comparable to traditional mobile payments. Imagine instructing a digital assistant to secure travel insurance, instantly receiving optimal policy options, directly completing the payment, and immediately receiving documentation—all without manual intervention.' The arena of payments was underlined by Magnetiq Bank's Julija Fescenko, head of marketing and communication, as a key area for the AI's use case within financial services: 'Predictive analytics and AI are poised to revolutionise the future of payments, significantly enhancing fraud detection, personalising user experiences, and improving risk scoring. This development will make solutions like Buy Now Pay Later (BNPL) more accessible and secure for both businesses and consumers. 'The integration of AI and big data will transform how financial services are tailored to individual needs,' Fescenko continued. 'Imagine hyper-personalised credit scoring, customised financial advice, and real-time product recommendations that anticipate customer needs even before they are expressed. While this level of personalisation is promising, it brings forth essential considerations around privacy. Our challenge is to design systems that embrace innovative personalisation while upholding privacy-by-design principles and ensuring full GDPR compliance.' Transparency, data minimisation, and user control will be vital in maintaining a harmonious balance between pioneering advancements and consumer trust, concluded Fescenko. Tom Moore, head of financial services at Moore Kingston Smith, underlined that smarter data will be pivotal. He pointed to three ways firms can use data more wisely: 1. For tailored product recommendations and customer experience improvements; 2. To gain a competitive advantage by analysing and predicting customer behaviour; and 3. To improve fraud detection and risk management. If firms can achieve this, Moore argued, they will be 'better able to innovate and stand out in a crowded sector.' However, he caveated that using AI can be expensive and not everyone will have the resources and talent to implement it. Perhaps an even bigger challenge is 'balancing innovation with the essential privacy and compliance requirements,' Moore continued. 'Legislation needs to be understood – balancing the risks and ethical issues that are inherent in AI's [commercial use]. It's not always cheap to build AI into a business or to provide the right resources and talent to implement it. The sheer amount of personal data that needs to be managed and then scaled will pose a big challenge.' As we have seen in the UK recently, holding a large amount of sensitive or personal information can make financial services players a prime target for cybercrimes. According to one Telegraph article, 65% of financial services firms were hit with ransomware attacks in 2024. This was up from 34% in 2021 and marked the third successive annual rise. Clearly, this is an issue that is not going away. 'So much to do with financial services, including the decisions customers make, hinges on trust,' Moore concluded. 'Boards have got to actively commit to using smart data to transform their businesses – and be transparent about how they use it.' The application of AI: Ensuring access and affordability A debate around the ethics of AI's roll-out would be incomplete without touching on the underserved and unbanked. With fintech services becoming increasingly AI-driven, what steps can be taken to ensure individuals in emerging markets also benefit from easy and affordable access? BNY's Slabicki told Finextra that 'by providing innovative solutions to our clients, we believe we can play a significant role in bridging the gap between governments and corporates, and the underbanked communities with whom they need to transact.' Slabicki highlighted BNY's alliance with MoCaFi, which aims to provide equitable financial services to unbanked and underbanked communities across the United States: 'Our alliance offers digital disbursement services, including prepaid and reloadable debit cards, accessible through a mobile app. These services provide secure and seamless access to funds, financial literacy tools, and Federal Deposit Insurance Corporation (FDIC)-insured accounts. By leveraging MoCaFi's expertise in benefit disbursement and program management, the alliance helps distribute payments efficiently, empowering individuals with limited access to traditional banking services.' Magnetiq Bank's Fescenko echoed the importance of making AI-driven fintech accessible and affordable for underserved communities: 'We envision creating inclusive algorithms that actively work to eliminate bias, while also developing mobile-first and low-data solutions specifically designed for users in emerging markets. By collaborating with local fintech companies and non-governmental organisations (NGOs), we can effectively bridge the digital divide.' Fescenko added that integrating financial literacy programmes, maintaining transparent fee structures, and offering multi-lingual support should help ensure that innovation 'uplifts rather than exacerbates inequality.' How is AI making wealth accessible? McNamara stated that Stripe has turned to stablecoin as an opportunity to expand global access to financial markets, explaining: 'Migrants use stablecoins instead of traditional financial services to avoid high fees and delays. Turkish Grand Bazaar merchants prefer them for supplier payments due to speed. In inflation-prone countries with dollar shortages, many adopt stablecoins as savings vehicles. This matters tremendously when approximately 1.3 billion people live in countries with average inflation rates exceeding 10%. Connecting a large part of the world's population to a faster and cheaper payment method directly benefits emerging markets.' In alignment with stablecoin's potential, Stripe has acquired Bridge, a platform for businesses that want to build with stablecoins, that works with fintech companies that facilitate payments in Latin America such as DolarApp and Airtm. McNamara added: 'Throughout history, improvements in how money moves have expanded economic opportunity. From coins to banknotes, from gold to fiat currency, and from paper to digital payments - each transition has made commerce more efficient and inclusive. It is from this vantage point that we see promise in stablecoins.' On the topic of inclusivity, NatWest confirmed that it is prioritising bank-wide simplification to become more efficient and effective, making it easier for its customers to do business with them: 'A key part of this is supporting more inclusive innovation. For example, we have made a minority investment in Serene, an early-stage AI platform dedicated to tackling financial vulnerability. Through real-time customer insights driven by AI and behavioural science, Serene helps identify early signs of financial distress and predicts risks to help institutions deliver personalised support at scale. This builds on our long-term commitment to improving access to affordable credit and financial resilience to vulnerable groups.' 'What I've found with clients,' Moore added, 'is that these innovations help unlock financial tools that were once out of reach for many. For example, robo advisers are making wealth management more accessible and affordable, which allows a wider audience to access high-quality financial advice without the cost. With the trend for global expansion, fintech firms can strategically target growth markets in Asia, Africa, and Latin America, where digital financial services are even more in demand. From what we've seen, the convergence of this global outreach with AI-driven affordability points towards an industry movement to better serve these underserved populations.' The question of whether AI, big data, and embedded thinking, can transform the financial services sector has been answered: it already is. Equally easy to answer is the question of how AI should be applied – and how individuals can best be protected. Putting these values into practice, however, may take some work.
Finextra
27-05-2025
- Business
- Finextra
Tradu chooses Salt Edge for PSD2 compliance
Tradu, a London-based multi-asset trading platform designed for active traders and investors, partnered with Salt Edge, a global leader in open banking solutions, to strengthen its security infrastructure, ensure seamless PSD2 compliance, and enhance user experience across its growing European customer base. 0 With a mission to make sophisticated trading simple and rewarding, Tradu provides access to thousands of tradable assets, including equities, commodities, forex, treasuries, and indices. A key part of delivering on that objective is full compliance with open banking regulations across the UK and EU markets. 'Security and compliance are at the core of our financial services. Our collaboration with Salt Edge enhances user trust, ensuring a seamless and protected financial experience.' Tomasz Stupnicki, Product Director and Founding Employee at Tradu The partnership with Salt Edge enables Tradu to address critical challenges in the financial sector, including regulatory compliance, fraud prevention, and user authentication, particularly in light of PSD2 regulations. Salt Edge's full-stack open banking compliance solution enables Tradu to: Ensure full PSD2 alignment with minimal internal development effort Streamline user authentication using secure, SCA-ready flows Prevent fraud while maintaining a frictionless customer experience Access optional services like the MCI exemption and a custom TPP portal 'Secure and compliant access to financial data is no longer optional; it's essential. Collaborations like the one between Salt Edge and Tradu are crucial for enabling innovative platforms to scale confidently while meeting strict PSD2 requirements. By providing seamless SCA and compliance tools, we're helping Tradu focus on what matters most: delivering a trustworthy and efficient trading experience to its users.' Dan Martalog, Senior Open Banking Solutions Expert at Salt Edge Future focus: Unlocking Open Banking-powered payments In addition to compliance and authentication services, Tradu is now in the final stages of adopting Salt Edge's Open Banking Gateway for Payment Initiation Services (PIS). This will allow Tradu users to top up accounts directly from their bank accounts in both the UK and EU, delivering a fast, secure, low-friction funding experience. As Tradu prepares to expand its wallet services across Europe, the partnership will support connections to over 500 financial institutions across more than 20 countries, simplifying both integration and compliance efforts
Fast Company
15-05-2025
- Business
- Fast Company
Open finance is coming: What's your moat?
Open finance is no longer a distant regulatory shift—it's a powerful force reshaping finance. In regions like the UK and EU, PSD2 regulations, which regulate how businesses and consumers make and receive payments, have already forced banks to open their APIs to third parties, breaking monopolies on customer data. Back-end connectors like Plaid and Yodlee have achieved critical mass, making it easier to link financial products. Meanwhile, markets like Australia and Brazil have embraced open finance frameworks, driving radical transformation. Today, various players can weave together different components of finance. Wealthfront combines robo-advisory with FDIC-insured banking. Apple has a credit card and controls significant tap-based payments. We're seeing embedded finance in non-financial platforms like Uber alongside entirely new business models like Rocket Money for managing subscriptions. And, similar to Rocket Money, Experian has moved beyond credit bureau services to providing an app to find and reduce recurring payments. For incumbents, the impact is visible: Customer loyalty erodes as fintechs, challengers, and native apps offer seamless, personalized experiences with better data integrations. Traditional revenue streams are under attack, and the old playbook of customer lock-in through inertia no longer works when users can switch providers by scanning a QR code or checking a box. The financial institutions that thrive will leverage open banking while identifying strong moats. So then the question becomes: What's your moat and how do you build it? CREATE THE TRUSTED BRAND A strong brand and trust moat are crucial when data is open and switching providers is easy. American Express (Amex) has built a reputation for exceptional service, fraud protection, and premium rewards, fostering loyalty even in a competitive market. Amex products are perceived as prestigious, and the company strives to make customers feel valued. How To Moat It: Pick an area where customers care deeply and focus on delivering superior products and experiences to build a loyal user base. MAKE IT DEVELOPER-FRIENDLY A seamless developer experience can drive adoption for financial services embedded into third-party platforms. Stripe built dominance by making payment integrations frictionless. Once developers build on a platform, switching becomes costly, creating stickiness and network effects. How To Moat It: Invest in easy-to-use APIs and developer tools to make your platform the go-to choice for embedding financial services. BUILD INDUSTRY VERTICAL INTEGRATION Owning a larger piece of the financial stack within a specific industry creates a powerful moat. GlossGenius integrates payment processing, scheduling, and business management tools for beauty professionals. By controlling both software and financial infrastructure, these platforms reduce reliance on third parties, increase margins, and create deep customer lock-in. How To Moat It: Identify an industry with fragmented financial tools and build an end-to-end solution that embeds finance directly into day-to-day operations. CREATE NETWORK EFFECTS The more users and businesses that rely on a financial platform, the harder it becomes for them to leave. PayPal and Venmo became dominant through widespread merchant adoption, making them default payment methods for small businesses, which in turn drove customers to establish accounts. How To Moat It: Develop features that make your platform more valuable as more people join through. These may be easy and free P2P payments or B2B accounting platforms tools like Intuit. EMBEDDED FINANCE AND DISTRIBUTION MOAT By embedding financial products into popular non-financial applications for businesses where users already spend time, companies create natural stickiness. Shopify exemplifies this strategy by integrating Shopify Payments and Capital directly into its e-commerce platform, so merchants can access payment processing and finance their businesses without leaving their store management interface. Shopify also lets them pay back loans directly from payment flows. How To Moat It: Partner with non-financial companies to embed your services, offer banking-as-a-service capabilities to let businesses integrate financial tools into their platforms, or build financial products directly into SaaS environments. DELIVER ROCK-SOLID SECURITY In an era of open finance, where data flows freely between platforms, security becomes a critical differentiator. Customers remain loyal to institutions offering superior fraud protection and data encryption. Apple Pay has built a strong security moat using tokenization, biometric authentication, and device-based encryption. Plaid has positioned itself as an intermediary that prioritizes security through encrypted data transfers and strict consumer consent controls. How To Moat It: Design your product to leverage better security, like Apple Pay uses NFC, and to use the latest capabilities. Then make the differentiations clear to lay users and explain how you are protecting them. The lesson here is clear: Rather than viewing open finance as a threat, forward-thinking companies will see it as an opportunity to redefine their role in the financial ecosystem. This can mean smart application and product design, better use of technology, or more old-school approaches like delivering superior service for word-of-mouth growth. One thing's for sure: As open finance removes barriers to switching, every financial company needs to design a moat and figure out new ways to retain customers for the long run.
