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July 11, 2016

regulatory technical standards on sca

Directive 2015/2366/EU (or PSD2) is an EU Directive that applies to payment services in the EU. RTS specifies multiple requirements to ensure this - like masking and encrypting security credentials and adequately protecting cryptographic materials from unauthorized access. SCA Extension Guidance on the Regulatory Technical Standards on Strong Customer Authentication What are the RTS on Strong Customer Authentication? PSD established common rules in relation to certain types of electronic payments, such as credit transfers, direct debits, card payments, and mobile and online payments. Account Information Service Providers (AISPs). EU-issued electronic certificates relied upon by third-party providers will still be valid in the UK after Brexit, the Financial Conduct Authority has confirmed. Thinkubate Launched by Nityanand Gopalika Incubates Startups Started by Student Entrepreneurs, www.linkedin.com/company/banking-and-payments-federation-ireland, en.wikipedia.org/wiki/Irish_Banking_Federation, Payment Initiation Service Providers (PISPs). The UK’s Financial Conduct Authority (FCA) is standing by its decision to allow issuers and acquirers 18 months to meet new strong authentication rules, despite European regulators opting for a... France’s central bank could drop its plans for an extended delay to strong authentication reforms, as indications emerge it is likely to fall in line with an EU-wide transition period of 15 months. The Financial Conduct Authority has said payment service providers must act quickly to push merchants into compliance with EU rules on strong customer authentication (SCA) for online card payments. The unconditional "eight week refund" rights already afforded to consumers by the SEPA Direct Debit Scheme are now enshrined in EU law by PSD2. This migration period relates to ecommerce transactions only. These new payment services providers are known as: PSD2 enables PISPs and AISPs to compete with banks and other more traditional payment services providers by offering new, regulated payment products and services such as account information aggregation and payment initiation. However, there is a dynamic element here as well and service providers are required to perform real time transaction risk analysis and insist on SCA even for  exempt cases in case of an adverse alerts. EBA also published a consultation paper on the draft guidelines to clarify a number of issues identified by market participants in relation to the regulatory technical standards on SCA and CSC. PSD2 became law in Ireland on 13 January 2018 with the signing by the Minister for Finance of the European Union (Payment Services) Regulations 2018 (Statutory Instrument No.6 of 2018). They cover four broad areas: RTS mandates the use of eIDAS defined qualified certificates and seals for identification. On March 14, 2018, the Commission Delegated Regulation No 2018/389 supplementing PSD2 with regard to regulatory technical standards for strong customer authentication and common and secure open standards of communication entered into force. It states that “To improve user confidence and ensure strong customer authentication, the use of electronic identification means and trust services as set out in Regulation (EU) No 910/2014 of the European Parliament and of the Council should be taken into account, in particular with regard to notified electronic identification schemes”. Regulatory Technical Standards (RTS) SCA Shifting Fraud Attempts To New Areas, Report Finds. Tighter EU controls on card security are already pushing fraud into other areas, with scammers targeting mobile authentication apps and “global wallet” payment instruments, new research has shown. The use of eIDAS enabled electronic identification means and trust services in ensuring Strong Customer Authentication makes these two directives complement each other pretty well and takes us further along the path to a Digital Single Market. Annika Bellamy Releases her Latest R&B Hit ‘Psycho’! The flow of communication between Payment/ Information Service Providers, customers and other involved parties is also a fundamental security requirement and is covered by RTS. Protecting the end user from having his or her security credentials compromised in any way. The Financial Conduct Authority (FCA) has not ruled out altering its 18-month enforcement delay of new security rules for online card payments, but says its focus is making sure that its position... SCA Shifting Fraud Attempts To New Areas, Report Finds, UK Regulator Admits 'Concern' Over Merchant Adoption Of SCA, EBA Issues Additional Clarity On Strong Authentication Reforms, Issuers Grappling With Technical Challenges Despite SCA Delay, EBA Chose 'Market Harmony' Over Stricter Strong Authentication Deadline, Open Banking Deadline Delay Not Necessary, Says EBA, Denmark Moves In Line With EBA On Strong Authentication, European Banking Authority Blasts Attempts To Skirt PSD2, EBA Overruled Commission On Strong Authentication Delay, FCA 'Remains Supportive' Of 18-Month Strong Authentication Delay, France Eyes Shorter SCA Transition After European Pressure, UK To Retain eIDAS For Open Banking After Brexit, UK And France Pressured Over Strong Authentication Timelines, German Banks And Fintechs Agree To Combine Efforts On PSD2 Account Access, EBA Settles On 15-Month Strong Authentication Delay, FCA Unlikely To Revisit 18-Month Strong Authentication Delay.

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