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The European Union introduced the Payment Services Directive 2 (PSD2) to make payments safer, increase consumer protection, foster innovation and competition. PSD2 is enshrined in law in most EU member state countries.
Here’s a video to help you to understand that is happening and the impact on your business
The payments industry has been working furiously to prepare for the 14 September 2019 deadline for PSD2 SCA.
Elavon has been engaging with merchants, partners and the card brands and is on track to meet the deadline.
On 8 August, the Central Bank of Ireland (the government banking entity that regulates most of Elavon processing in Europe) published a notice advising that “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. This migration period relates to eCommerce transactions only. 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.”
This follows similar recent announcements by regulators in the UK, Germany, Italy, Spain, Belgium and The Netherlands. This confirms our earlier expectation that the 14 September deadline may not be strictly enforced and more realistic and progressive deadlines will be set instead. In the short-term, we await announcements from other EU nation states as each has the authority to defer or enforce the established deadline.
Considering the continued ambiguity, Elavon is still fully engaged in achieving compliance with the requirements by the September deadline, and we encourage our customers and partners to continue their efforts to be compliant with PSD2 SCA as soon as possible.
We are committed to keeping you updated on this critical topic for our industry
One of the more significant impacts of PSD2 relates to eCommerce transactions and the need to implement Strong Customer Authentication (SCA). This will become mandatory from 14 September 2019 across Europe.
SCA refers to the introduction of additional security authentication requirements for online transactions over €30 and it means your customers will no longer be able to checkout online using just their credit or debit card details. They will need to provide an additional form of identification. This is known as ‘two factor authentication’ (2FA). Authentication factors simply refers to the ways a card issuer can be sure that the cardholder is the genuine owner of the card before authorising. Two factor authentication is the process whereby the identification of the cardholder by the issuer needs two independent sources of validation out of three possible categories:
( 1) Something your customer knows. For example, PIN or password - this would be a dynamic one-time password rather than a static password
e.g. sent by text message or the issuer to their cardholder.
(2) Something your customer has. For example, a credit card.
(3) Something your customer is. For example, fingerprint or facial recognition.
This is applicable to transactions in the European Economic Area (EEA) only, where both payer and payee are in the region. This means that if your customer is from Japan, the transactions will not be subject to mandatory SCA. This is known as a ‘one leg out’ transaction.
The card schemes have responded to the new regulatory requirements by mandating the use of a new authentication framework 3D Secure v2, which meets the SCA requirements.
Elavon will be enabling you to undertake SCA to meet the regulations through application of 3D Secure V2. In theory this would mean that every online transaction will require enhanced 3D Secure (3DS) to be performed, unlike today where you can choose whether to apply 3DS or not. Some businesses have expressed concern that applying this enhanced security to verify the cardholder, utilising enhanced 3DS, it may add friction to the check-out process, with the danger that their customers do not complete their purchase, leading to checkout abandonment. The good news is that there are some permitted exemptions to having to perform SCA and Elavon will work closely with you to discuss the exemption criteria that your business could benefit from.