Romanian software company partners Mastercard to digitize payments sector
Tremend Software Consulting, one of the fastest-growing software companies in Romania, has entered into a strategic partnership with Mastercard Romania to implement European and global regulations, as well as the new functionalities in the area of digital payments based on current technology.
Enrolling cards in the Apple Pay eWallet and implementing the Strong Customer Authentication (SCA) mandate, part of the revised Payment Services Directive (PSD2), are among the first projects that will benefit from Tremend Software Consulting's expertise, this year, the company announced in a press release.
“We are thrilled that together with Mastercard we will offer all consumers the best experience in the area of digital payments, security, and personalized solutions, and that we will have the chance to contribute to such a large-scale project that we hope will be developed not only locally but also within Central and Eastern Europe,” said Ștefan Pătra, Vice President Financial Services, Tremend Software Consulting.
PSD2 is a key European Union initiative to make online payments safer, facilitating innovation and the access of new FinTech players into the market. European countries, including Romania, have to incorporate the directive in their national legislation.
With the implementation of PSD2, the online payment system will also be revolutionized and the Strong Customer Authentication (SCA), based on the latest technologies, such as biometric authentication, will become an industry benchmark.
In Romania, 20% of the population has made at least one online transaction in the last year, representing an annual increase of 15%.