Central Bank of Ireland has reportedly confirmed it will delay the roll out of Strong Customer Authentication (SCA) rules.
The European Banking Authority recently gave national financial regulators the ability to extend implementation periods for the SCA where needed. This came as a response to the high levels of queries and concerns raised regarding market preparedness for the 14 September deadline.
As a result, the Central Bank of Ireland has postponed the deadline and is now working on a migration plan for SCA implementation, which will launch as soon as possible, according to reports in the media.
SCA is a regulation under the European directive PSD2. It dictates that European consumers must confirm their identities for online purchases with two-factors of authentication. This can be either something they know, like a password, something they have such as a phone and something physical about them, like a fingerprint.
This accountment from the Irish regulator follows an announcement last week from the UK’s Financial Conduct Authority (FCA) that it could postpone the SCA enforcement for a further 18 months.
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