This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. It also explores what this means for merchants with the compliance deadline now only a few weeks away. 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. Businesses remain concerned about the effect on the customer experience. For online shopping, the e-commerce industry – including card issuers, payments firms and online retailers - will have until 14 September 2021 to implement SCA. When the transaction is initiated by a legal person (e.g. However, there is the smell of GDPR about this situation. Let's hope the Europan Banking Authority in Europe will follow the lead (and opportunity for alignment) of a September 2021 implementation date. Dynamic Yield, the Experience Optimisation platform has announced the release of eCommerce Benchmarks. The SCA deadline is looming. Recurring payment exemption – e.g. As the practical implications become clearer, we have taken the necessary steps to first ensure the 3DS 2.0 mandate is met, as well as exploring options to achieve the right balance between managing fraud risks and minimising disruption in the payment journey. Developers and test teams are quite capable of working from home. Regrettably, with echoes of the launch of open banking, consumer awareness is dismal. Chip and PIN is still common practice in the EEA for values above €50. Its published opinion led to regulators granting a delay until December 2020. Another challenge is the tens of billions of payments that are still not SCA-ready. However, preparations have been stepped up by the national competent authorities across the EU, particularly in the UK. })(window.jQuery); The report also highlights that issuers will likely not be able to support the full range of exemptions and 3DS v2.2 until late 2019 at the earliest. Examples of the latter might be a fingerprint. TRA exemption) Don’t want to miss out on the latest news and stories ? They would then input that code into the website to authorise the transaction. Please see below for the latest EBA guidance (but be aware that this might change): Unattended terminal for transport and parking, Secure corporate payment processes & protocols. e.preventDefault(); A keen hockey goalkeeper, Ian coaches and plays for a number of clubs including Guildford Hockey Club, Alton Hockey Club, Royal Navy, Combined Services, UK Armed Forces and several touring sides. Despite having two years to enact the rules, a large number of organisations left it to the last minute. However, it comes with the most complex set of conditions. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 122702). of its Markets in Crypto-assets regulation (Mica). It’s been a tough year for financial market participants in the UK, with the pandemic causing turbulence and uncertainty around Brexit undermining future strategy-building. Barclaycard International Payments Limited, trading as Barclaycard, is regulated by the Central Bank of Ireland. These changes are designed to reduce the risk of a fraudster pretending to be you to steal your money. It’s worth noting that the issuers will be required to put in place the measures of authentication of their choice. It is time for regulators to be more stringent and stop this constant creep of implementation dates. With the introduction of Packsize machine systems, Market... Digital Defense has disclosed details of a two-factor authentication vulnerability in web hosting platform cPanel & WebHost Manager (WHM). It recommends that 3DS technology be implemented as a priority. }); This is commonly known as a "step-up". This exemption has arguably the widest reach and usage. While exemptions are acquirer performance based, the issuer retains the final authorisation decision as they do today. 30/04/2020: Information changed Coronavirus update. Payments that are made periodically to the same payee, but where the value changes each time (e.g. The deadline has been extended by six months to 14 September 2020. However, in April 2020 the FCA announced they have agreed to delay the enforcement of SCA further until 14 September 2021 in the UK to help provide support to merchants from the impact of Covid-19. These organisations can also offer impartial, free financial advice: The new EU Payments Services Directive (PSD2) took effect in January 2018, bringing in new laws aimed at enhancing consumer rights and reducing online fraud. commissioned by payments infrastructure company Stripe. url: "/wp-admin/admin-ajax.php", Are you self-sabotaging your online security? Registered Office: 1 Churchill Place, London E14 5HP. The deadline for the rest of the European Economic Area (EEA) is 31 December 2020. PSD2 was passed in 2015, and countries were given time to incorporate it into local laws and regulations. Insights delivered daily to your inbox, New EU crypto regulations in the pipeline, On September 24, the European Commission published the first. You have entered an incorrect email address! 6 The move to set back the date for implementation of the rules - which demands a two-step verification process for all online purchases over EUR30 - from 14 March 2021 to 14 September 2021, comes amid mounting pressure from the European payments industry. And in the era of constant industry moves to optimise customer centricity, this will impact the customer experience during card not present checkouts. It also predicts that between 30% and 50% of eCommerce transactions will in future face a step-up authentication request. This may include solutions such as PIN-authentication or fingerprint ID scanning. A month ago, I predicted in response to this Finextra article that regulators could use Covid-19 crisis as the fall guy to defer / cancel SCA mandates. It provides an online equivalent to chip-and-pin processing for cardholder-not-present payments.

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