It seems payments legislators wrote checks the industry couldn't cash... The UK's Financial Conduct Authority has announced a delayed ‘migration plan’ for phasing in compliance with the Strong Customer Authentication requirements by March 2020 for internet banking and March 2021 for e-commerce transactions, instead of 14 September 2019. The FCA made a separate announcement for consumers.
Update: The FCA has also written to the CEOs of payment service providers it supervises, commending the plan from the trade body, UK Finance for meeting the deferred timeline. This will see SCA phased-in from Feb 2020 for merchants who are ready, with support from the card schemes in driving the adoption of the 3D Secure protocol (3DS 2.1/2) from March/September 2020.
Update: The FCA has also written to the CEOs of payment service providers it supervises, commending the plan from the trade body, UK Finance for meeting the deferred timeline. This will see SCA phased-in from Feb 2020 for merchants who are ready, with support from the card schemes in driving the adoption of the 3D Secure protocol (3DS 2.1/2) from March/September 2020.
This follows the guidance issued in June by the European Banking Authority that EU national regulators could agree specific migration plans (although I'm not sure the EBA expected industry-wide delays!).
The FCA says that it will not take enforcement action against payment service providers if they do not meet the relevant requirements for SCA from 14 September 2019 in areas covered by the agreed plan, where there is evidence that they have taken the necessary steps to comply with the plan.
At the end of the 18-month period, the FCA expects all firms to have made the necessary changes and undertaken the required testing to apply SCA.
It will be interesting to see how much progress is really made in the next 6 to 18 months...
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