EBA Agrees To 'Flexibility' On Strong Authentication Reforms

The European Banking Authority (EBA) has agreed to give payment providers more time to prepare for September’s controversial strong authentication reforms, after pleas for flexibility from across the industry.

In an opinion issued this morning, the EBA reiterated that regulatory technical standards on security will take legal effect on September 14, meaning two-factor authentication must be applied to all online card payments of more than €30 — unless an exemption can be used.

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