Now, he said, “merchants are about as ready as they are going to be.”. Other methods using the secure binding of a device to achieve possession have already been recognized by the EBA. Retailers remain committed to delivering the right solutions for the EU economy and share the priority of all players of tackling fraudulent transactions. So, merchants are as ready, acquirers are ready, according to McLain, and the question mark is whether the issuers are ready. VAT No. For example, when criminals use technologies such as BOTs or RAT software to control transactional flows without the customer's knowledge. Many banks and issuers had been looking into tactical solutions to meeting the compliance deadline on … About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS examines consumers’ understanding of real-time payments and the methods they use for different types of payments. At a time when our sector and others such as hospitality and travel have been badly hit by the economic consequences of the crisis, and many organisations facing bankruptcy, this decision goes in the opposite direction to the Commission’s very welcome efforts to encourage consumption and aid the EU’s recovery.”. Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits. Your comment will be reviewed by our team and published soon. Looking at the options the banks have, the EBA published an opinion paper that outlines a number of different ways you can achieve inherence through the use of biometrics or customer behavior. The outage was not prevented by the failover solution in place. The focus of the EBA opinion is on ensuring a harmonised, phased approach to implementation, with a clear timeline of actions required by payment service … But for those merchants looking to maximise acceptance rates, Damen says this will also mean implementing support for SCA exemptions and exclusions. Despite some countries, like the UK, adding further extensions to the SCA deadline, the EBA is maintaining its strict ruling that the December 2020 deadline must be met. Damen says this means merchants implementing the capability to authenticate payments using the latest version of 3D Secure. This is something we are already working on with a number of financial institutions. Nordic Capital acquires RegTech from BearingPoint. Leveraging 15 years of data across 43 markets, our award-winning resources and expertise provide impartial, up to date analysis on the issues shaping the future of payments. While it’s important to maintain momentum on implementation, the extension does give firms the chance to get it right this time. In the drive toward the trade-off between risk assessment and customer experience, said McClain, merchants can gain better control of friction as they seek to reduce false positives. The regulator expects firms “to take all necessary steps to comply with the revised detailed phased implementation plan” which will be discussed with UK Finance, the UK’s trade association for the banking and financial services sector. “Over 70% of payments processed today are not compliant with SCA,” says FIS. And data modeling can help reduce false positives while improving the overall payment flow. @LunarBank to deploy @FIS treasury and risk system FIS’ SVP of product strategy for Worldpay Merchant Solutions, Charles Damen says the deadline extension is “a welcome relief for merchants given the current situation” of coronavirus. “It’s hard to say if they are,” said McLain, who added that some issuers have gotten their arms around the shift to multifactor authentication to make online purchases more secure, and some are wrapping things up.