The Financial Services team is engaging with the payments industry across Europe on the implementation of Strong Customer Authentication.
The CBI is working closely with members, government, regulators and trade associations on the final phase of implementation of the Payment Services Directive 2 (PSD2). These new measures require Strong Customer Authentication during the payment process for electronic payments.
Implementation of SCA has shaped up to be complex and the regulators initially opted for an extension to the initial deadline of September 2019.
In June 2019, the EBA published an opinion granting national competent authorities the ability to set their own implementation periods beyond the initial September deadline. Following this opinion, the Financial Conduct Authority (FCA) made the formal announcement that firms in the payments eco-system would have an additional 18 months to get ready for SCA rules.
However in October 2019, the European Banking Authority (EBA) published an Opinion setting the deadline to 31 December 2020 for all member states in an effort to provide a consistent approach toward the SCA migr
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