“PSD2 and SCA have strong intentions behind them — to make online commerce better and safer for the consumer,” he said.
Payment 14 Aug 2019 by Paul Skeldon. Consumers are getting used to their new commerce behaviors, he said, and when the crisis is over, they might not be so quick to give all of them up.
The challenge will be navigating the short-term bumpiness that will ensue.It won’t be easy work, particularly for small merchants.
The PSD2 deadline for Strong Customer Authentication (SCA) is fast approaching, and the new protocol addresses a market trend that has needed attention for quite some time now: authentication for mCommerce transactions. They simply don’t have enough historical patterns. They are all tied together.”Get our hottest stories delivered to your inbox.In the short run, he noted, that means more friction is likely coming to the consumer side of the journey, in the name of making the fraudsters’ journey more onerous.The challenge of fighting fraud, Kakkar said, is usually a question of striking the right balance between making it hard for fraudsters to get in while making it easy for customers to get through.
The EBA has to reset a deadline for the end of 2020.This change builds a common ground of more robust collaboration and better interoperability between traditional financial institutions and new players of the banking and payment space.PSD2 hinges on a critical connection between retailers, fintechs, and banks.The European Banking Authority (EBA) announcement (so-called Opinion), made last October, clearly showed that it has acknowledged that massive numbers of online merchants were not ready for this change.Banks will be able to use financial data better to provide competing services at competitive rates.This obligation means using two of these three features:An additional white paper describes how Thales' solutions may help our customers comply with PSD2 security requirements.By evaluating risk and adapting accordingly, banks can offer a targeted approach that strikes the right balance between security and user convenience.Thales helps financial organisations understand and address PSD2 requirements relating to strong customer authentication, risk management, and Open Banking API.During MONEY 2020 early June 2019, several speakers also pointed out that some banks and financial providers were clearly dragging their feet in handing over data to customers, arguing about their compliance and risk scenarios. Who's paying? SCA delay could be a security risk. On September 14, 2019, Strong Customer Authentication (SCA) requirements went into effect in Europe. “These are not independent parameters. ... the EBA says the industry has had enough time to prepare for SCA, which was first unveiled in PSD2 … This authentication is something that was left out entirely in 3DS version one. “Some of the methods will be different than what we are used to seeing, and we will not even know what those methods are until 60 to 90 days after they’ve started to appear.”© 2020 What’s Next Media and AnalyticsThe COVID-19 outbreak, Kakkar noted, has more or less strapped a rocket onto that growth, as consumers have rerouted their commerce, working and social lives onto digital channels as they ride out social distancing in their homes. The new recommended deadline of 31 December 2020 is sooner than many had expected.
While historically that balance has been something determined in-house, PSD2 and SCA are essentially setting a standard by which all transactions have to pass.The first, he said, is basic hygiene — and making sure one is ready to nail down the requirements on day one, simply by knowing them and executing well.
It is even more tricky in Europe where the PSD2 Strong Customer Authentication (SCA) deadline looms large at the end of 2020 (after a significant delay of over a year). PSD2 is a customer-centric regulation that should lead to an improved customer environment, bringing benefits not only to end-users but to all banking and payment parties.The Payment Services Directive 1(aka PSD1 or Directive 2007/64/EC) opened up the European banking and financial services market and went into effect almost ten years ago.The new deadline to implement Strong Customer Authentication (SCA) has been pushed back by fifteen months.
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