Whilst it is not legally binding, the SCA Guidance does provide a welcome layer of granularity for the industry. Guidance on strong customer authentication Published date: 19.10.2018 As PSD2 approaches its first anniversary, the industry has been gearing up for the implementation of the final pieces of the PSD2 puzzle, namely the implementation of the Regulatory Technical Standards (RTS) on strong customer authentication (SCA) and …
For online banking, the SCA changes were expected to be completed by 14 March 2020. Company number 10250295.
The FCA hopes to issue its final guidance and rules in readiness for the imminent deadlines set by the RTS in due course.
Strong Customer Authentication, Fraud and the Coronavirus Crisis: New UK FCA guidance to firms Print Twitter LinkedIn The Financial Conduct Authority (FCA) in the UK has published a series of updates on COVID-19 over recent days and weeks. Registered address: 1 Angel Court, London, EC2R 7HJ © UK Finance Limited (trading as UK Finance) 2020. One of the core measures to achieve this aim is the requirement in Article 97 PSD2 (regulation 100, Payment Services Regulations 2017), which mandates the application of strong customer …
We provide comprehensive data and researchWe address the major issues impacting our membersAs PSD2 approaches its first anniversary, the industry has been gearing up for the implementation of the final pieces of the PSD2 puzzle, namely the implementation of the Regulatory Technical Standards (RTS) on strong customer authentication (SCA) and common and secure open standards of communication (CSC). By downloading this document, you understand and agree that any sharing, distribution or republishing of the content, without prior written authorisation from the author or content managers at UK Finance, shall be constituted as a breach of the UK Finance website terms of use.We provide comprehensive data and researchWe address the major issues impacting our membersUK Finance: 5th Floor, 1 Angel Court, London EC2R 7HJOne of the major aims of PSD2 is to reduce fraud in electronic payments.
They are known as Strong Customer Authentication (SCA). Registered address: 1 Angel Court, London, EC2R 7HJ UK Finance Industry Guidance on Strong Customer Authentication under PSD2 Introduction to For online shopping, the e-commerce industry – including card issuers, payments firms and online retailers - will have until 14 September 2021 to implement SCA.
and related EU standards. One of the core measures to achieve this aim is the requirement in Article 97 PSD2 (regulation 100, Payment Services Regulations 2017), which mandates the application of strong customer authentication (SCA) in specified scenarios. Article 97 PSD2 has been implemented in the UK through the PSRs 2017 and regulation 100 in particular. These rules are set in the Payment Services Regulations 2017 (PSRs) and related EU standards. UK Finance Industry Guidance on Strong Customer Authentication under PSD2 One of the major aims of PSD2 is to reduce fraud in electronic payments. All rights reserved.We work with members to support the UK as a global leader in financial servicesBy downloading this document, you understand and agree that any sharing, distribution or republishing of the content, without prior written authorisation from the author or content managers at UK Finance, shall be constituted as a breach of the UK Finance website terms of use.We receive substantial coverage in national, regional, specialist and trade mediaImportantly, the SCA Guidance seeks to provide a uniform and consistent approach to be applied to SCA across the payments industry in the UK. Registered address: 1 Angel Court, London, EC2R 7HJ © UK Finance Limited (trading as UK Finance) 2020. Strong Customer Authentication (SCA) is a new set of rules that will change how you confirm your identity when making purchases online. There are some very slight differences of wording, for example, the UK PSRs 2017 refer to “user” rather than “payer”, but these do not affect the substantive aspects of the requirements, rather they make them clearer and more accurate.We work with members to support the UK as a global leader in financial servicespdf: 362 kbWe receive substantial coverage in national, regional, specialist and trade mediaOur specialists provide an unmatched breadth and depth of knowledgeUK Finance Limited trading as UK Finance. The EBA has had to manage a variety of competing interest groups, including customers and new market entrants, whilst balancing the aims of enhancing healthy competition and combatting fraud. UK Finance is the trading name of NewTA Limited. Company number: 10250295. UK Finance's updated communication on SCA calls out the use of SMS OTPs and the need to have a plan in place for alternative authentication methods.