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The original deadline was 14 March 2021.
The UK's Financial Conduct Authority is to delay the implementation of strong customer authentication rules by … FIS’ SVP of product strategy for Worldpay Merchant Solutions, Charles Damen says the deadline extension is “a welcome relief for merchants given the current situation” of coronavirus. Updated (October 17, 2019): The EBA has published its opinion on the deadline and process for completing the migration to SCA.

Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits.The goals are admirable: namely, to protect consumers and give them more control over their data, to allow FinTechs to innovate, and to bring more security to transactions.Companies that stand to gain from SCA will include the likes of Amazon, which has earned a high degree of trust from consumers and could take share from other companies.As September looms, might past be prologue? The European Banking Authority (EBA) has released a new opinion on strong customer authentication (SCA), revealing a possible route for extensions ahead of the September 14 deadline.. Ekata CEO Rob Eleveld tells Karen Webster why exemptions and extensions point to a larger issue surrounding the second Payment Services Directive (PSD2) regulation.Eleveld told Webster that the EBA’s actions point to the fact that payments represent a complex ecosystem with a lot of players. At present, only 20% of online transactions go through with SCA. The EEA deadline date remains 31 December 2020. “The manner in which payments are processed needs to fundamentally change ahead of a revised SCA deadline… The SCA requirements for online banking have applied since 14 September 2019 (with an adjustment period until 14 March 2020). But eventually, a silver lining, as described by Eleveld, may emerge amid growing pains.There may be extensions to Strong Customer Authentication’s (SCA) rollout this fall — and there may not. The original deadline was 14 March 2021. Ahead of the new payment services directive (PSD2), the EBA has said it acknowledges that implementing the new standards may prove to be more difficult than expected for some merchants. There may be extensions to Strong Customer Authentication’s (SCA) rollout this fall — and there may not. The original deadline was 14 March 2021.Open Banking Expo is organised by Borough Bench Media, registered in England and Wales.The FCA expects UK Finance to discuss the detailed phased implementation plan and critical path with all stakeholders and agree it with them as soon as possible. The European Banking Authority (EBA) published today an Opinion on the deadline for the migration to SCA under the revised Payment Services Directive (PSD2) for e-commerce card-based payment transactions.
30. The Opinion sets the deadline to 31 December 2020 and prescribes the expected actions to be taken during the migration period. In the meantime, firms should continue with the necessary preparatory activities such as robust end-to-end testing.© 2020 Borough Bench Media.
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