sca deadline extension
Now, he said, “merchants are about as ready as they are going to be.”. The inevitable rise and rise of the digital wallet, Infographic: Consumers embrace the convenience and security of contactless, JPMorgan Chase goes live with its digital currency JPM Coin, Cybersecurity costs: Sopra Steria could pay €50 million for Ryuk attack, Nets and Worldline join EPI as first 3rd party acquirer as deployment gathers pace. Divido's Christer Holloman launches Fintech Finishers to raise D&I awareness. Customer experience – am I using the right authentication factors for my customers? To help provide … Alternatively, post a comment by completing the form below: Your email address will not be published. The EBA has also requested that NCAs take a “consistent approach toward the SCA migration period” across the European Union, and that they ensure that their respective PSPs carry out the actions set out in the opinion paper. Many organizations have already begun collecting behavior about customers, so I believe we will be well placed to introduce this for 3D Secure when the time is right. “The recent decision not to allow any further extension of the deadline for the mandatory introduction of SCA may mean a lot of customers finding their transactions declined and merchants losing the sale,” says Christian Verschueren, Director-General, EuroCommerce. FCA extends SCA deadline for merchants by six months The UK’s Financial Conduct Authority (FCA) has given merchants another six months to implement strong customer authentication (SCA) for ecommerce due to the “exceptional circumstances” of coronavirus. to allow for analysis of how people use our website in order to fintechfutures.com/2020/11/danske…, . EBA sticks to SCA decision – no further deadline extension At present, only 20% of online transactions go through with SCA. The original deadline has long passed, but the EBA already acknowledged in June that it would have to provide an extension due to challenges arising from a complex payments market , when seeing the obstacles and problems companies were faced with. At present, only 20% of online transactions go through with SCA. The extension gives them the opportunity to look into more strategic approaches. The regulator expects firms “to take all necessary steps to comply with the revised detailed phased implementation plan” which will be discussed with UK Finance, the UK’s trade association for the banking and financial services sector. By continuing to use our website, you agree to the use of such cookies. What opportunities does this extension bring to the banks? Retailers remain committed to delivering the right solutions for the EU economy and share the priority of all players of tackling fraudulent transactions. The SCA requirements for online banking have applied since 14 September 2019 (with an adjustment period until 14 March 2020). Other methods using the secure binding of a device to achieve possession have already been recognized by the EBA. Identifying a customer when they are interacting with a previously bound device is less forced and far more organic in the transaction flow. Which as we know can introduce additional friction into the check-out process and is at a high risk of fraud. Looking at the options the banks have, the EBA published an opinion paper that outlines a number of different ways you can achieve inherence through the use of biometrics or customer behavior. @VirginMoney, the UK’s sixth largest lender, suffers 77% drop in pre-tax profits this year due to its half a billi… twitter.com/i/web/status/1…, The owner of @oportun, a San Francisco-based alternative lender, has applied for a banking charter Banking Technology November issue out now, Without limits: The Barclays accelerator races ahead, Fintech execs race towards workplace diversity. EBA sticks to SCA decision – no further deadline extension. “It’s hard to say if they are,” said McLain, who added that some issuers have gotten their arms around the shift to multifactor authentication to make online purchases more secure, and some are wrapping things up. “The manner in which payments are processed needs to fundamentally change ahead of a revised SCA deadline,” says Damen. UK Finance will liaise with all stakeholders and agree on a phased implementation plan with the regulator “as soon as possible”. What’s more, both the FCA & UK Finance have said that in the longer-term banks should be reducing their reliance on the use of SMS OTPs for authentication. Are my authentication controls aligned to authorization controls? CTRL + SPACE for auto-complete. This takes the UK to a revised deadline of the 14 th of September 2021. Thanks! © PaymentExpert is part of Sport Global Ltd. Write CSS OR LESS and hit save.
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