Navigating International Payment Gateway Compliance Requirements
Global payment gateways also need to consider regulatory standards and security requirements at a lot of regional levels. The payment processors deal card data, so the minimum requirement is PCI-DSS Level 1 certification. In Europe, the PSD2 requires Strong Customer Authentication (SCA). This should be done through 3DS2 for any online payments. In North America, OFAC sanctions filtering and Regulation E compliance for electronic transactions apply. Asian markets are most likely to require setting up a local entity and making some partnerships with domestic payment schemes such as UnionPay or JCB. Use geolocation technology to apply relevant authentication methods and rules for handling data automatically based on where the customer is located. Data residency solutions can also be incorporated to create transaction information storage within a jurisdiction like GDPR of the European Union or PIPEDA in Canada.
Compliance Tools for Cross-Border Payment Processing
Automate regulatory technology to streamline global compliance. Howard’s TokenEx and Very Good Security feature parsimoniously tokenized PCI-compliant data for business intelligence. Connect services like Onfido or Trulioo for identity verification to manage AML and KYC needs. Bring in dynamic currency conversion tools that show local pricing and avoid surprises in conversion rates. Utilize payment processors like Adyen’s worldwide acquiring network or Stripe Radar that have compliance functionality for fighting fraud. Keep a detailed audit trail of all transactions and authentication requests in order to demonstrate compliance in audits. Update your terms of service and privacy policies from time to time in order to be in sync with current regulations in all markets of operation.
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