The second Payment Services Directive of the European Parliament and the Council of the European Union (PSD2), establishes a series of regulations to be applied to electronic payments. In Spain, Royal Decree Law 19/2018 on payment services was approved, in order to transpose this regulation into our legal system.
The purpose of PSD2 is to ensure that payments in EEA countries are made safely, easily and efficiently. The standard attaches special importance to aspects related to payment security, such as the obligation to offer reinforced authentication mechanisms (SCA).
The PSD2 directive requires payment service providers to apply strong customer authentication mechanisms in those cases in which the customer:
a) access your account online payment;
b) start a trade electronic payment;
c) perform over a remote channel any action that may involve
a risk of payment fraud or other abuse.
ADVICE TO FINANCIAL INSTITUTIONS
In the optimization of your current authentication solutions and in the application of possible exceptions and exemptions.
STRONG AUTHENTICATION SOLUTIONS
In remote payments, which incorporate the factors of inherence, knowledge and/or possession required by the directive.