Secure Payments and Consumer Protection: Max Express Financial Company Successfully Implements PSD2 Standards

Secure Payments and Consumer Protection: Max Express Financial Company Successfully Implements PSD2 Standards
Mary Dzhangveladze

Max Express LLC Financial Company continues to improve its products and operations in accordance with the best international practices.

In particular, the company is actively working on the implementation of the principles of the Payment Services Directive (PSD2) in accordance with the requirements of the National Bank of Georgia. The Payment Services Directive defines key payment services and regulates the requirements for individuals and legal entities involved in the implementation of such services. 

The main goal of implementing the principles of the directive is to increase the security of electronic payments, improve the consumer protection system, promote innovation, and encourage a competitive environment.

As an integral part of this complex process, Max Express LLC is updating the Risk Management Policy as well as all mandatory internal policies and instructions. All changes and operations required to implement these innovations will be completed by the end of 2023.

“The implementation of the principles of the Payment Services Directive will improve the quality of customer service, improve the consumer protection system, and increase the competitive advantages of Max Express LLC,” says Mary Dzhangveladze, CEO at Max Express LLC.

Earlier, Max Express Financial Company joined the Instant Payments project intended to serve as an instant payment system implemented by the National Bank of Georgia.

Max Express has also significantly improved its activities in the field of AML. The company has implemented the TransGuard customer identification system that fully complies with the BLS (Black List Screening) standard. In addition, Max Express updated the set of rules for customer identification and transaction accounting.  In 2020, Max Express Financial Company working in the international money transfer market announced the full transition of all services into the online world.