The Federal Reserve Bank of Atlanta (The Retail Payment Risk Forum staff) has published their predictions for payments in 2016.
Their main predictions for the US include;
- Cyber attacks will remain the top threat to payments security
- This will be the year of mobile POS payments – NOT!
- EMV (chip card) POS migration will pick up pace from 2015
- ACH – Automated Clearing House same-day service will not be a huge hit
- EMV ATM liability shift will cause the number of ATMs to shrink
- Mobile wallet space will continue to see turbulence
- Blockchain technology interest will accelerate
- Biometric technology improves, but passwords remain supreme
A lot of their predictions and comments include the vital issue of trust and security. Who to trust with your money? Which solutions to actually trust when doing payments and money transfers?
In Protectoria we believe that there is a growing understanding and awareness both among payment solution providers (PSPs) and users that usability without trust and security is not a sustainable path to take. The PSD2 underpins the same objective.
However – we do NOT believe that the mobile payments trend will slow down!
- The security and trust problem is inherent anyway in most digital payment solutions.
- Protectoria offers a solution that mitigates security issues within all digital payments, which enables for PSPs to remain trusted also with mobile payments
Our PSMP solution will enable PSPs to offer great usability with high security.
Our solution enables banking clients with a unique and tamper-proof application, offering a secure running environment for verifying the banking transactions:
- Complying with PSD2.
- Enhancing security by meeting Strong Authentication requirements stated by EBA.
- Placing the liability for transaction on users with non-repudiation.
Please, download our How it Works whitepaper for an introduction to our solution or contact us directly for further in-depth information.