Psd2 Online Banking
On 14 september 2019 new banking regulation called psd2 changed how we bank online adding an extra layer of security called strong customer authentication sca when you use mobile or internet banking.
Psd2 online banking. The psd2 regulation drastically impacts the financial eco system and infrastructure for banks fintechs and businesses using payment data for the benefits of consumers. It s time for smarter stronger safer security. These changes help fight fraud and make your online transactions even more secure. A key requirement for psd2 is to ensure that there are adequate security protocols in place to authenticate clients when using online platforms and services.
However the european banking authority eba granted further potential exemptions and set the new psd2 deadline to 31 december 2020. It was to go into effect on 14 september 2019. These requirements are specifically linked to the regulatory technical standards on strong customer authentication and secure communication which went live on 14th september 2019. We expect these requirements to be enforced over the course of 2020 and 2021.
On 14 september 2019 new requirements for authenticating online payments were introduced in europe as part of the second payment services directive psd2.