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Online Payments more secure with Strong Customer Authentication (SCA)
All banks required to have Strong Customer Authentication as part of the implementation of second Payment Services Directive which comes into effect on September 14th
Dublin, 13th September 2019: KBC Bank Ireland’s secure authentication process is fully compliant with Strong Customer Authentication (SCA), the new requirement for authenticating online payments, which is part of the incoming second Payment Services Directive (PSD2). SCA, a key feature of the directive, will change how customers bank, making two-factor authentication mandatory for banking transactions.
PSD2 is the second directive to be implemented by the European Union and requires payment service providers to make a significant number of changes to benefit customers, including enhanced security for online accounts and payments, a mobile tap and pay limit of up to €2,500 and the provision of open banking.
Ken Murray, Head of Innovation at KBC Bank Ireland said: “As a digital-first bank, KBC has always applied rigorous, market-leading secure authentication across digital banking services. We have a reputation for pioneering new payment methods and with that, best-in-class authentication, providing our customers with the best, and most secure, service. Currently, KBC mobile banking customers access mobile banking through the KBC mobile banking app, which is linked to their mobile device and PIN or biometric ID. Access to online banking is provided through the use of a mobile or digital key and user credentials, therefore, customers will not see any changes to KBC authentication when the directive comes into effect.”
In January this year, KBC launched multibanking, providing customers with an overview of their AIB and Bank of Ireland accounts via the KBC app – an early sight of the type of functionality that will become possible as part of PSD2. In the coming weeks, KBC will leverage the opportunity that PSD2 provides to launch its open banking facility, which will allow customers to view balances, transactions and account details from all providers in Ireland.
“As a customer centric bank, we know that we must do things differently to compete in a disruptive marketplace. We launched multibanking in January 2019 in a bid to make banking easier and better for our customers and give them early sight of open banking, which will come into operation in the coming weeks as part of PSD2. With the introduction of open banking, KBC customers will benefit from additional functionality such as view balance and transactions from other Irish banks,” added Murray.
For more information, see https://www.kbc.ie/psd2.
KBC Bank Ireland has launched all live production PSD2 APIs for Third Party Providers. This means that authorized third party providers can offer new financial services products to KBC customers. KBC has launched a full set of APIs with APIs available to Account Information Service Providers (AISP), Payment Initiation Service Providers (PISP) and Card Based Payment Instrument Issuers (CBPII).
For more information, see https://www.kbc.ie/psd2-developer-portal/home