Stay in step with SCA implementation

The Financial Conduct Authority has givenfirms extra time in which to implement the Strong Customer Authenticationrequirements, but there remains much to do. Charlotte Hill andLaurenClarke provide an update.

CharlotteHillis apartner and head of the financial services regulatory group, while Lauren Clarke is an associate, atTaylor Wessing in London. Contact them onc.hill@taylorwessing.comand l.clarke@taylorwessing.com.

What is SCA?

The PaymentServices Directive 2 (PSD2) introduced new requirements relating to StrongCustomer Authentication (SCA), which is defined as: “authentication based onthe use of two or more elements categorised asknowledge (something only the user knows), possession(something only the user possesses) and inherence(something the user is) that are independent”.[1]