The European Banking Authority has been given additional leeway to national regulators, extending the September deadline for the introduction of the new rules in order to give companies more time to prepare.
Ecommerce businesses have warned that more than a quarter of payments would fail under the new regime, which demands a two-step verification process for all online purchases over EUR 30. Speaking about the delay, the Central Bank of Ireland recognises the difficulties with meeting this deadline, however, they have been engaging with the industry to develop a migration plan to implement SCA for ecommerce transactions as soon as possible.
Moreover, the Irish bank says it wants to agree a harmonised approach to the migration time periods across the European Union and may well fall in line with UK timetable. The Bank’s decision has been welcomed by the Banking & Payments Federation Ireland (BPFI), which says that an extended deadline will allow more time for the ecommerce industry, including online businesses, to implement SCA reforms in a compliant manner.
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