According to the Financial Conduct Authority (FCA), the deadline for enforcing PSD2 SCA requirements in the UK will now be extended six months from September 14, 2021 to March 14, 2022.
The extension allows for more time to ensure minimal disruption to merchants and consumers. The new deadline is however expected to be upheld - and full SCA compliance on digital transactions will be enforced beginning March 14, 2022 in the UK.
PSD2, the European Banking Authority’s (EBA) 2nd Payment Service Directive, is designed to drive payment innovation and data security. SCA (Strong Customer Authentication) is a requirement of PSD2. The ultimate goal of SCA is to keep digital commerce secure and consumers safe.
As a reminder, other regions have already implemented SCA beginning December 31, 2020. It is, as always, strongly recommended that all parties continue to move forward with plans to meet the requirements of the new deadline.
For all the important dates that affect your business, including the sunset of 3DS 1.0, check back with us often for the latest updates!
If you have any questions, let’s talk. We are here to help.
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Authentication is core to payment processing in Europe, so if your digital transactions are not authenticated, you will be expected to implement a solution before your business is impacted.
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