iSignthis to receive patent for PSD2 SCA and KYC solution

Monday 16 September 2019 10:45 CET | News

iSignthis subsidiary, ISX IP, has been notified of the European Patent Office`s (EPO) intention to grant patent number EP2553642 ‘Methods and Systems for Verifying Transactions’.

The patent will be granted across all 38 EPO member states, including all EU member states and Turkey. The notice of intent to grant the patent coincides with the European Unions Directive requiring Strong Customer Authentication (SCA) under the Payment Services Directive 2 for i) cards and ii) access to account services, effective from the 14th September 2019.

The patent provides a means for iSignthis to independently achieve compliance with the European Banking Authoritys (EBA) Regulatory Technical Standard (RTS) on SCA, and authentication approaches outlined in the EBAs June 2019 opinion, according to Yahoo Finance.

The solution has flexibility in its approach to SCA, including:

  • i) use of 3DSecure Version 2 when it becomes widely available;

  • ii) or overlaying its patented technology on top of the existing 3DSecure Version 1 to ensure that that is PSD2 SCA compliant;

  • iii) or, using its patented technology stand alone to simultaneously perform both KYC and SCA, and on success storing the consumers card on file and subsequently initiating transactions from the stored card without the requirement for further SCA on latter transactions.

iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment and identity service via Paydentity(TM) and ISXPay(R) solutions. For more info about iSignthis, please check out a detailed profile of this company in our dedicated web fraud & e-identity company database.

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Keywords: iSignthis, patent, merchants, merchant onboarding, ecommerce, KYC, regtech, SCA, authentication, identity verification
Countries: World

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