Cutting-edge payments intelligence and analysis. Saturday 10.00-14.00 Privacy Policy Updated (October 17, 2019): The EBA has published its opinion on the deadline and process for completing the migration to SCA. “Any additional delay to the SCA implementation deadline spells additional trouble down the road. The SCA mandate could cost them more than $75 billion in sales, especially as fraud protection becomes more critical than ever and PSD2 creates more transparency in the banking world. For you with an in-store solution or a Bambora Checkout solution. If done correctly, all subsequent payments can be made without a 3D Secure question to the card customer. The European Banking Authority (EBA) has published an opinion on the migration to strong customer authentication (SCA) under the second Payment Services Directive (PSD2), setting a new deadline at 31 December 2020. But in the UK, the Financial Conduct Authority (FCA) announced on April 30 that it would delay the deadline for SCA implementation from March 2021 to September 2021. For more information on the background and benefits of the 3DS2 protocol, as well as how Braintree’s solution works, read 3D Secure 2: Next-generation Authentication. Omnichannel is most easily explained as an integrated, seamless experience between multiple units and channels. Bambora's recommendation is that all merchants switch to EMV 3DS as soon as possible as this creates a smoother flow for the customers. tp:research The regulations regarding subscription services and stored cards, where sometimes the merchant initiates the payment, can sometimes be perceived as a bit more complicated. The Hong Kong Monetary Authority (HKMA) unveiled the Open API framework in early 2018, officially launched it in January and is rolling it out in phases that focus on things like credit charge limits, payments, transfers and new applications. In the U.S., tech companies like Microsoft have been calling for a GDPR-like data privacy measure in the U.S. that would place the burden of data management on tech companies rather than consumers while allowing users to have more choice and better privacy regarding their data. Delivered to your inbox twice-weekly. If the exception is accepted, the purchase will be completed without a 3D Secure question to the card customer. Loyalty may go out the window, if consumers no longer need to access products through banks’ branded offerings. Get our hottest stories delivered to your inbox. Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits. The Paypers is the Netherlands-based leading independent source of news and intelligence for professionals in the global payment community. Any delay will only increase the problem of identification in the future … What’s more, the longer we draw out the implementation period, the more uncertainty we have regarding the final form of the regulation,” said Subramanyan. The December 31st deadline for the implementation of Strong Customer Authentication (SCA) is approaching fast. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. “To avoid a ‘clunky’ roll out of SCA it is important that all members of the payment value chain are ready. Markos Zachariadis, associate professor of management and information systems at Warwick Business School, told PYMNTS in an interview, “The third parties will [then] have a lot of the information that we hold [and give] to the end customers. Open banking doesn’t just provide opportunities for third parties, it also potentially appeals to cybercriminals. The Monetary Authority of Singapore (MAS) is taking a more measured approach. ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020, European Banking Authority recently announced, EU Digital Chief: Tech Firms That Break New Rules Face Fines, Break Up, HSBC Debuts Open Payments Platform For eCommerce As Alternative To Debit, Credit, Yapily Works With KashFlow On B2B Bookkeeping Improvements, Citi Revamps Rewards Program, Allows Cardmembers To Pay With Points, How Mobile Technology Can Help Divorced Parents Manage Financial Obligations. Terms and Conditions, For optimum operation, this website makes use of cookies. Simplicity, Automation, Transparency – the Essentials for Payments and Banking, Fighting Fraud with Distributed Ledger Technology, Debit cards leading contactless revolution, Bank of Canada: Digital currencies raise stability questions, People’s Bank of China deputy governor: Digital, not crypto currency, SunTec CEO: Bank branches need to become Apple stores, The Capital Markets Innovation Summit 2019, New study reveals how much UK spends on pets, 2020 hailed “year of contactless” by payments study, etc.venues St Pauls 200 Aldersgate London EC1A 4HD. A regulatory deadline, new rules for contactless payments and the next generation of terminals. For Bambora Connect matters please email connect@bambora.com. NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020. Travel technology company Amadeus has conducted a research to understand the readiness of the industry for SCA. Cards in particular present a greater challenge for banks when it comes to SCA compliance due to the complexity of the payment ecosystem, not just working across different card providers but also multiple technology vendors,” he said via email. In order to avoid negative consequences, EBA decided to allow national authorities to extend the SCA deadline for online payments, which all European countries have now done. Merchant partners are also getting up to speed. It also means FinTechs can create and offer the same products and services as those provided by legacy financial institutions (FIs). The new date that the requirements will begin to be enforced is December 31, 2020. Updated (September 14, 2019): SCA requirements have gone into effect in Europe. For details, refer to our 3DS2 migration guide. Read more here. These are called "Out of Scope". The form is sent and we will contact you shortly, Payment solutions and card terminals for physical stores and trade, Payment solutions for e-commerce and webshops, Payment solutions for complex and large businesses, or omni channel - for payments in several channels, Analysis, payment trends and customer cases. It appears that some travel firms may have been caught out as a significant majority had expected SCA to be delayed still further, perhaps due to the impact caused by COVID-19.

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