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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... 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These amendments will require firms in the UK to comply with the UK regulatory technical standards (UK-RTS) made by the FCA instead of the SCA-RTS. To prevent automated spam submissions leave this field empty. Achieving SCA obviously has a time and monetary cost associated with it, both of which will not only affect the payment service provider but the end customer as well. Thinkubate Launched by Nityanand Gopalika Incubates Startups Started by Student Entrepreneurs,,, Payment Initiation Service Providers (PISPs). A major challenge faced by the EU in the creation of a Digital Single Market is finding the right balance between processes that can be harmonized and standardized and those that need to remain flexible to cater to the demands of the various Member States. eIDAS has been designed to allow for seamless (cross-border) operations while ensuring technological neutrality and flexibility in terms of how its minimum standards need to be met. Irish Banking Federation Press Release ... 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They cover four broad areas: RTS mandates the use of eIDAS defined qualified certificates and seals for identification. This is obviously a crucial element necessary for the smooth operation of the larger machine. As such, there will be no disruption to payments systems from 14 September, when the RTS on SCA of the Directive is due to come into force. The principal changes brought about by PSD2 from a consumer perspective are as follows: Copy this html code to your website/blog to embed this press release. PSD2 is intended to be a positive development for all users of payment services, but particularly consumers. A payment services user can now terminate a contract for the provision of payment services free of charge after a period of six months rather than 12 months. In line with the EBA opinion published in June, a limited migration period will be put in place for firms regulated by the Central Bank of Ireland in relation to the application of SCA requirements under the PSD2 Directive. We have been delivering training for over 20 years and this is one of our core competencies. Protecting the end user from having his or her security credentials compromised in any way. What Makes This Course Different? The Central Bank of Ireland will continue to communicate on this issue as it develops. The existing national requirement for all payment services providers to put a complaints resolution procedure in place is reinforced by PSD2. The deadline for compliance with the Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA) under the PSD2 Directive is 14 September 2019. SCA requires the verification of the user elements which relate to possession, knowledge and/ or inherence. The Regulatory Technical Standards for Strong Customer Authentication were released to supplement the PSD2 Directive and they also supplement the provisions of the eIDAS Regulation. We have been engaging with the industry to develop a migration plan to implement SCA for ecommerce transactions, as soon as possible after this date. Consumers will have a maximum liability of €50 in cases where an unauthorised transaction has occurred on their account, except in cases where it can be proved that they acted fraudulently or were grossly negligent. Annika Bellamy Releases her Latest R&B Hit ‘Psycho’! Directive 2015/2366/EU (or PSD2) is an EU Directive that applies to payment services in the EU. The Central Bank of Ireland will continue to engage with the EBA and other National Competent Authorities in the European Union in relation to this issue, aiming to agree a harmonised approach to the migration time periods across the European Union. 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. 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. Guidance on the Regulatory Technical Standards on Strong Customer Authentication What are the RTS on Strong Customer Authentication? # Regulatory Technical Standards It is clear that eIDAS has been designed not only keeping this mind, but actually by taking it as the fundamental guiding principle during its creation. 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. Therefore, there are certain conditions under which SCA may not be required - like for small amounts or recurring transactions. However, the Central Bank of Ireland recognises the difficulties with meeting this deadline. SCA Extension 13th Dec 2019 | Written by: PC Editorial. In PS19/26 the FCA summarises the feedback it received to its earlier consultation and publishes the UK-RTS, together with Handbook changes, which it will make in the event of a no-deal exit. This migration period relates to ecommerce transactions only. PSD2 builds on PSD by making it possible for the EU market in payment services to be opened up to new categories of payment services provider offering a range of new payment services to businesses and consumers. 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. 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. 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. However, the Central Bank of Ireland recognises the difficulties with meeting this deadline. 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.