Úna Dillon, EAST Development Director, presented at the 37th member meeting of the European Association of Payment Service Providers for Merchants (EPSM) which was held in Dublin, Ireland on Tuesday 21st June 2016.
EPSM Chairman, Nicolas Adolph, invited EAST to participate in the meeting which consisted of more than 40 representatives from global payment service providers.
The session focused on current payments matters such has EU Regulation and the impact on PSPs and merchants. Lars Tebrügge, ESPM, gave a comprehensive overview on the requirements around MIF, PSD2, NIS and GDPR. In particular he outlined the potential fines that can be imposed for non-compliance with data protection legislation, e.g. up to 4% of a company’s global profits.
Clemens Hisch, Corestar, followed with an interesting discussion on one of the 6 pillars of the FinTech industry, namely Payments.
Georg Schardt from Sofort provided an overview on his company and on the challenges they have faced, in particular relating to the over-regulation of the payments industry. He discussed the impact of PSD2 on service providers like Sofort and on the tendency for banking institutions to suffer from a lack of innovation due to a focus on new policies.
Omnipay / FirstData was represented by John Faherty who gave an interesting perspective on the transformation of the payments landscape with Alternative Payments.
Rodney Farmer, the EPSM representative to the PCI Advisory Board, gave the group an overview of the current PCI guidelines including the PCI BoA and PCI DSS 3.2.
The EAST presentation covered latest statistics as published recently in the EAST ATM Crime Report 2015 and details on new scams affecting both ATMs and Point of Sale terminals.
The overall event was hosted by Denis McCarthy and his team from Fexco, the world leader in Fintech and business solutions.
More details on the EPSM can be found here.