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PSD2 and Strong Customer Authentication Under PSD2, online payments will require more stringent customer authentication for numerous kinds of transactions, including high-value and recurring payments. This is known as Strong Customer Authentication (SCA), and it is designed to enhance customer protection.

How to create a payment gateway Create your payment gateway infrastructure. You'll need a server to host your gateway, whether it's your own or via a third party. ... Choose a payment processor. ... Create a customer relationship management (CRM) system. ... Implement security features. ... Obtain required certifications.

Test certificates may be obtained by filling out the form on .digicert.com/psd2-compliance-security- solutions/. These certificates are created from a test hierarchy that must be added to the test systems' trusted root certificate store.

Increased security A large part of the innovation factor around PSD2 is the two-factor authentication around payments. This requires two out of the following multi-factor authentication methods: Knowledge: such as a password, or account retrieval questions. Possession: such as a passcode to your phone.

Create an online payment system: step-by-step Set up a hosting platform and apply for a Secure Socket Layer (SSL) certificate. Build the payment form/payment page. Find a payment processor that gives you the ability to process different types of payments, from credit and debit cards to Direct Debit.

The payment gateway development cost might take between $200K and $250K. But if you want to pay for APIs and other third-party features, add an extra $20K to $30K for integration.

PSD2 requires banks to implement multi-factor authentication for all proximity and remote transactions performed on any channel to protect the consumer. This obligation means using two of these three features: Knowledge: Something only the user knows, e.g., password, code, personal identification number.

PSD2 strong customer authentication (SCA) regulation One of the main goals of PSD2 is to enhance consumer protection and reduce fraud. To achieve this goal, PSD2 enforced strong customer authentication (SCA) implementation. SCA aims to improve security without compromising the customer experience.

What is PSD2? The revised Payment Services Directive 2 (PSD2) aims to better align payment regulation with the market and technology's current state. It introduces security requirements for initiating and processing electronic payments and protecting consumers' financial data.