EBA Chose 'Market Harmony' Over Stricter Strong Authentication Deadline

The European Banking Authority (EBA) has revealed it would have set a stricter deadline for member states to enforce new payment security rules under the revised Payment Services Directive (PSD2), but chose to prioritise harmony over speed.

The EBA decided in October to set a new deadline of December 31, 2020 for member states to enforce rules on strong customer authentication (SCA), allowing an extra 15 months beyond an original but “unworkable” deadline of September 14 this year.

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