Open Banking and PSD2 Uncertainties

The use of APIs in banking has largely been limited until recently, mainly due to regulation and security. However, European banks will soon be using APIs to provide access for third-party providers, as one of the many changes required by the upcoming the Second Payment Services Directive (PSD2).

A new report by PwC highlighted that banks are concerned that these changes will cause them to lose control of their customer interface.[1] A vast majority (88%) of the banks surveyed in the report believe that PSD2 will have an impact on their business and many see it causing them to change their strategies. Despite the uncertainty and the apparent risks, 44% are planning on providing an open bank offering, with 66% intending to integrate foreign products or functionalities into their own digital offering.

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MYPINPAD Expands Internationally Throughout APAC and MENA

LONDON, UK:  23 August 2016 – MYPINPAD, an enabler of multi-factor authentication for touchscreen devices such as smartphones and tablets, has recently channelled efforts to bring its simple, proprietary and customer friendly authentication solution to Asia Pacific and MENA.

Following the appointment of seasoned industry executives to lead global activity, MYPINPAD has aligned plans for international growth with key trends in regional markets. MYPINPAD’s proprietary technology is perfectly suited to markets where mobile has superseded other online devices, and where security problems are rife.

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The Importance of Security for Open Banking

The recent report by the Competition and Markets Authority’s (CMA) has announced significant reforms that are aimed at shaking up the banking industry. The Open Banking report, promises more transparency for UK banking consumers, open APIs and easier account switching.

These initiatives are welcomed by the Fintech industry, as they intend to increase competition, whilst helping customers obtain a better deal from their banks.

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MYPINPAD shortlisted for Most Innovative Online Product at The Fraud Awards 2016

LONDON, 12 August 2016 – MYPINPAD, an enabler of multi-factor authentication for touchscreen devices such as mobile phones and tablets, has been shortlisted for The Fraud Awards 2016, for Most Innovative Online Product. The awards ceremony will take place on the evening of 6th of October at the Retail Risk Leicester conference.

MYPINPAD has been recognised specifically for its simple and effective mobile authentication platform. Our solution utilises the cardholder PIN to authenticate card-not-present transactions, across sectors, devices and channels while meeting best security practices and regulations.

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Consumer Security Compromised in Favour of User Experience

 MYPINPAD announces new campaign to explore how consumers feel about convenience versus security in online commerce.

LONDON, UK. August 9, 2016; MYPINPAD, an enabler of multi-factor authentication for touchscreen devices such as mobile phones and tablets, is being asked whether the digital commerce industry has compromised consumer security in favour of user experience.

Recent news reports about increased levels of fraud across the likes of Amazon Prime, Uber, eBay and Vodafone have opened up the debate.  Are the rising fraud levels attributable to the ‘fragmented’ approach that the fintech industry takes in dealing with fraud? Have we reached a tipping point? Would consumers feel more positive about a brand that proactively seeks to protect them, adding multi-factor, transaction appropriate security for online transactions?

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Cultivating Consumer Trust

To get ahead in the competitive ecommerce landscape, merchants have invested hugely to provide a seamless and frictionless user experience, with speed and convenience the main objective. The success of brands such as Amazon and Uber, which lead the way in user experience, suggests that consumers have embraced frictionless, one-click payments.

However, there has been a lot of recent press reports about whether online businesses compromise the security of consumers   to improve user experience.

If so, are consumers aware of this trade-off? It also makes us question if we have now gone too far, and whether consumers would actually welcome and feel more positive towards a brand with more visible security measures.

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