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PSD2 means that payment service providers will be required to use strong customer authentication (SCA) to secure more transactions. This will apply to payments and other non-monetary transactions where there is a fraud risk. To do this, PSPs will need to secure each applicable transaction by getting their customers to verify their identities using two factors, each from a different category from:
PSPs that don’t have appropriate paths to authentication for every customer, every time stand to lose those customers to PSPs that do. We help you to turn SCA into a competitive advantage while cost-effectively meeting your regulatory obligations.
FICO® Customer Communication Services for Strong Customer Authentication helps you deliver customer-centric SCA for every transaction and each customer so that you can:
Our PSD2 SCA solution helps you implement strong customer authentication that is compliant with PSD2’s regulatory technical standards while also protecting the customer experience and driving cost-effective efficiency. It is flexible, comprehensive, scaleable and reliable. With it you can implement strong customer authentication across all channels and for all processes using a combination of authentication factors that meet the regulatory requirements and are delivered in ways that support a positive customer experience at a lower total cost of ownership.
Meet the PSD2 regulatory requirements
FICO® Customer Communication Services for PSD2 is designed to meet the regulatory requirements of PSD2. This is backed up by the industry knowledge of our experts, who will partner with you to determine how you can achieve compliance in all scenarios.
Deliver Superior Customer Experiences
FICO® Customer Communication Services for Strong Customer Authentication helps you deliver customer-centric SCA for every transaction and customer so that you can:
Achieve cost – effective efficiency
Take a strategic, comprehensive approach that makes PSD2 SCA cost-effective.
From September 2019, banks and other payment service providers will be required to use SCA to secure more transactions. This will apply to payments and other nonmonetary transactions where there is a fraud risk.
With any piece of legislation, an organization has to work out how far to go beyond simple compliance with the letter of the law. Payment Services Directive 2 (PSD2) and its associated Regulatory Technical Standards (RTS) is no different. This article looks at compliance with the Strong Customer Authentication (SCA) requirements of PSD2 from the perspective of a payment service provider (PSP) and asks the question: Is it worth going beyond the bare minimum?
Less than half of consumers say they have a good awareness of the upcoming changes and most people think there are already enough or even too many security checks. Banks that implement SCA badly will lose customers to competitors that do it better.