PSD2 y SCA

What is the PSD2 regulation

The European Parliament and European Union Council Second Payment Services Directive (PSD2), provides the legal foundation for the further development of a better integrated market for electronic payments within the EU, by establishing a comprehensive set of rules applicable to electronic payments. In Spain, this directive was transposed into national law with Real Decreo Ley 19/2018 of Payment Services.

The PSD2 aims to guarante that payments in EEA countries are performed securely, easily and efficiently. The Directive gives special importance to the security in payments, such as the requirement to offer Strong Authentication mechanisms to consumers (SCA).

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Requirements for Providers…

The PSD2 Directive requires Payment Service Providers to apply Strong Authentication to customers in the following cases:

a) Customer accesses its payment account online; b) Customer initiates an electronic payment transaction; c) Customer carries out any action through a remote Channel which may imply a risk of payment fraud or other abuses.

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What WUL4 can offer…

This regulation requires changes in the way that Payment Providers and Financial Institutions currently authenticate their customers, requiring adaptations for their authentication mechanisms to be compliant with this regulation.

ADVICE TO FINANCIAL INSTITUTIONS

For optimizing their existing authentication solutions and in the applicability for the  exemptions & exceptions to the regulation.

STRONG AUTHENTICATION SOLUTIONS

For remote payments, including the inherence, knowledge and/or possession factors as established in the regulation.