maksekeskkond

Maksekeskkond, or payment environment, is the system of institutions, technologies and rules that enable electronic payments between payers and recipients. It covers payment initiation, processing, settlement and related services across cards, bank transfers, digital wallets and mobile payments. The maksekeskkond can operate within a country, such as Estonia, or across a broader region such as the European Union.

Key participants include banks and other payment service providers (PSPs), card networks, payment gateways and processors, merchants, customers and fintechs offering e-wallets or open banking APIs. The infrastructure also comprises point‑of‑sale terminals, online checkout flows, and back‑end clearing and settlement systems that move funds between accounts.

Typical payment flows involve the payer initiating a payment, the payment being authorized (often with strong customer authentication), the transaction being processed and cleared, and funds settled to the recipient. Security and risk controls, fraud detection, and compliance with regulations such as strong customer authentication and data protection are integral parts of the maksekeskkond.

Regulation and supervision: in the European Union, directives such as PSD2 shape the maksekeskkond by promoting open access to payment accounts and strong customer authentication. National authorities, such as the Bank of Estonia and the Financial Supervisory Authority, license and supervise payment service providers and banks, set requirements for security, transparency, liability and consumer protection.

Trends: real-time and cross‑border payments, open banking with API access, and the ongoing digitalization of payments. A robust maksekeskkond supports e‑commerce, digital services and financial inclusion while aiming to reduce costs, increase transparency, and strengthen security.