PSD2 Compliance is a customer-centered regulation that is intended to improve the general user experience, which should benefit both the customers and the banks/payment service providers. Drafted and administrated by EU, PSD2 enforces a set of regulatory rules that requires banking institutions to make interfaces available to third-party payment institutions.
As a result of the Act, WorldFirst is also subject to the regulations, and provides a set of PSD2 APIs. These interfaces include functions such as account inquiry and making transfer requests.
The following terms are used in this document:
- Partner: A third-party agency authorized by WorldFirst that integrates with WorldFirst and supplies Customers with services such as account binding and transfer services. In this case, a Partner is also known as a Third Party Provider(TPP).
- Customer: A User who receives services from a Partner. A Customer can access the WorldFirst website and perform business operations.
How it works
With the WorldFirst PSD2 APIs, the following roles are involved:
Figure 1. Relationship between Customer, Partner, and WorldFirst
For a Partner that has integrated with WorldFirst to process payout requests from Customers, the Partner needs to undergo the following workflow:
Figure 2. Process for account authorization
Figure 3. Process to query account information
Figure 4. Process to authorize and confirm a transfer request
Step 1. Customer select an account.
Step 2. WorldFirst redirects the User to a payment confirmation page
Step 3. User lands on the payment confirmation page.
Step 4. User complete the Strong Customer Authentication process