According to the directive, the security features must combine two out of the three following security criteria: This means that the traditional combination of a PIN and password is no longer sufficient, as both entries will come under the “knowledge features” category. © 2020 The Paypers BV. Here is an overview of important deadlines merchants need to take into account: From this date, Mastercard issuers are able to reject an authorization without 3D, so the minimum requirement for merchants is to support 3DS V1. PSD2 security deadline extension is not a reason for further can kicking. The EBA said it will agree on a limited basis to work with some PSPs as well as some merchant and consumers, however they must meet some additional guidelines, including offer a migration plan to come into compliance. With the addition of a fresh authentication infrastructure while check out, the customer will need to add: a) something which he knows for e.g. How has the pandemic shifted the perception of the local bank branch? With minimum effort, merchants can rely on us to handle the Step Up rejection, redirect the consumer to their bank’s website to be authenticated and resubmit the authorization. Terms and Conditions, For optimum operation, this website makes use of cookies. The Open Banking journey in Latin America, How fintechs, like Truevo, are using customer insight to challenge the traditional banking model, Interview with Mastercard's Ann Cairns on creating financial safety and driving diversity, Challenger banks, oases for SMEs - interview with Starling Bank, In-car payments: exploring the potential of futuristic payments technologies, The blueprint for financial inclusion – Mojaloop's vision for solving the unbanked problem, Fighting financial fraud through innovation and collaboration, an interview with Ron Giammarco, EY. This website uses cookies to improve your experience while you navigate through the website. Technology innovation is a market force that adheres to no deadlines, and digital leaders in Banking are increasingly delivering better, faster, easier and safer banking experiences. The new 18-month extension of the SCA regulation will affect the payments and e-commerce industry. To give payment service providers more time to meet new guidelines and to avoid disrupting the marketplace, the FCA has announced that they will extend the PSD2 September 14th deadline by an additional eighteen months. This is the latest in a series of shortcomings from the vast majority of banks across Europe, who have failed to provide robust APIs for some time now. By March 2020: integrate 3DS in your payment flow, By July 2020: use EMV 3DS 2.1 in your payment flow or be ready to do Step Up with EMV 3DS 2.1. Leading up to the deadline, several countries across Europe announced they would implement a transition period, extending the deadline from 12 to 18 months. However, the real losers here are the banks’ customers, who are getting increasingly frustrated at the frictions, margins and delays involved in their use of day-to-day digital banking, and who often prefer a mobile-only experience, which most banks are struggling to provide. Could Digital Transformation Break The Banking Industry? This is because, as part of PSD2, the SCA requirement stipulates stronger payment security standards for higher value transactions based on multifactor authentication, increasing the security of electronic payments. Needless to say, this could have impacted the retail industry and have had an adverse effect in terms of what the EU wants to achieve with the new directive: more security and protection against fraud; more innovation by registered third parties; and, above all, a better, frictionless, convenient customer experience. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper. Has the pandemic triggered society to re-think later life planning? The lesson of 2020: ignore your corporate reputation at your peril, How giving insights into card spend can help organisations to manage their business, Lockdown 2020 Black Friday – How to maximise return, How CVAs and Insolvencies can Help Sales & Marketing, Why insider threat presents a big risk to financial services organisations, 88% of financial services firms in the UK are under pressure to make decisions faster, Digital Finance: Unlocking New Capital in Disrupted Markets, 4 Key Financial Trends as we Approach 2021.

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