Payment Services Directive 2 (PSD2) and Open Banking Information
Payment Services Directive 2 (PSD2)
For more information on PSD2, its background scope and what's changing for our EFS-CPS Corporate Customers, please review the European Commission Fact Sheet and continue to watch this space for additional information.
For more information on the rights of consumers under this Directive and related EU law, see the EU Commission Leaflet – Your Rights When Making Payments in Europe.
Strong Customer Authentication (SCA)
What is SCA? The Regulatory Technical Standards for Strong Customer Authentication and common and secure open standards of communication (SCA on RTS), require that from 14th September 2019, SCA shall authenticate the identity of the individual making an online purchase. It is based on two-factor authentication, which uses independent validation sources from two of the three following categories:
- Knowledge (something only the user knows e.g., a static password or a PIN)
- Possession (something only the user possesses e.g., one-time password generated by or received on your phone)
- Inherence (something the user is e.g., the use of a fingerprint or voice recognition)
Two-factor SCA requires that all card issuers must ensure their cardholders complete two-factor SCA for specified online customer-initiated commercial card purchases.
Open Banking Information
AISP Dedicated Interface Testing
Commission Delegated Regulation (EU) 2018/389 of 27 November 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for strong customer authentication and common and secure open standards of communication.
PSD2 Common and Secure Open Banking: if you are a Third-Party Provider known as an “AISP”, please use the link below in order to test Elavon’s dedicated interface. Elavon has partnered with Token.IO Limited (UK) to provide and support open banking/dedicated access.