The delayed timeline for the UK's Stronger Customer Authentication could lead to SCA's postponement throughout the European Union:
For context, SCA requires that consumers confirm their identity using at least two of the following three criteria: something only they know, like a password; something they possess, like a phone; and something they are, like their fingerprint.
The FCA asked a trade group to rework the timeline for its implementation and now the group's plan has been submitted back to the regulator, which is expected to endorse the recommendations next week. Included in those recommendations will be a March 2021 compliance date for technical requirements, followed by another six months to add more advanced authentication.If the UK's FCA does approve the delayed timeline for SCA, it could lead to SCA's postponement throughout the EU.
Merchants would be able to avoid the immediate consequences of SCA compliance, but they should move quickly to avoid missing the next deadline and concerning customers. If firms are given a temporary reprieve from SCA they should take the opportunity to become compliant quickly, as the later deadline may hold firm, and effectively updating the payment experience may take time.
Solutions providers offering tools for preparing for SCA may take a hit with the delay, but there's still ample opportunity for them. Both
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