By now, you’ve probably heard about the new European regulations governing financial transactions called the Second Payment Services Directive, or PSD2.
The directive is currently being implemented over varying timelines by financial institutions across Europe, with the deadline in the UK passing this weekend just gone.
Even if you’re not based within the EU, purchasing services from a company that means you’ll be affected by the regulations.
You Do Communications, Why Should I Care About Payment Regulations?
Yes, that’s right, our forte is cloud communications and, no, we haven’t made a sudden and foolhardy decision to pivot into providing ‘strangely simple payment solutions’.
But we are a European company. Our headquarters are in Belgium, true home of fries and certainly makers of the best chocolate going. Change our minds! And if we’re known for one thing, it’s our utmost regard for compliance issues in all walks of life, not just communications.
As a supplier of services that customers pay us for, we wanted to assure you that we’re fully PSD2-compliant. But if your bank or credit card provider has changed or is changing their processes it’s possible some standing payments to Voxbone might hit a snag.
How Do I Ensure My Comms Aren’t Interrupted?
Prevention is the best cure, as they say. So to avoid any potential issues arising, we recommend you do the following:
- Make sure you have enough funds in your communication services business account
- Check your bank’s information on PSD2
- Keep a close eye on your email over the coming months, or contact your provider directly to ask them about possible PSD2 regulation risks.
So Compliance is Becoming a Hot Topic, Huh?
Yes, and about time too. It feels like we’ve been harping on about the rising tide of corporate regulations in the EU and beyond for some time now.
As regulators catch up with the latest tech trends – from communications to payments – they are sure to update the rules to ensure that end users and consumers remain protected.
In the space of cloud communications, abiding by local regulations in each market you operate is the only way to guarantee long-term availability of service and avoid risking regulatory shutdown of your phone numbers.
Luckily we make it easy for you to do so. Our services are compliant in the markets we operate and we also provide tools and APIs to streamline the steps you need to take to keep on the right side of regulators.