EUROMONEY: PSD2 authentication delay means pain but long term gain

The Central Bank of Ireland and the UK’s Financial Conduct Authority (FCA) have delayed the deadline for the implementation of Strong Customer Authentication (SCA), since most of the banks, PSP’s and merchants were not fully prepared.

The Central Bank of Ireland stated that they are engaging with the payments industry to develop a migration plan, and will soon after implement SCA. The FCA announced an additional period of 18 months to successfully implement SCA.

In order to achieve a successful SCA implementation with proper fraud controls, safety for customers and convenience for customers, additional time is needed.