According to the press release, by combining RiskShield by INFORM with Netcetera’s 3DS products, 16 financial institutions have already been equipped with a joint solution that ensures compliance with new regulations and reduces ecommerce shopping friction.
Initially, compliance with the second iteration of the Payment Service Directive (PSD2) was required by September 2019. However, implementing the associated regulations relating to Strong Customer Authentication (SCA) for ecommerce payments has proven more challenging than POS transactions. Therefore, a new deadline for compliance regarding SCA for ecommerce has been set for December 31, 2020. This extension provides all players involved in the payments ecosystem with more time to equip themselves to comply with the new regulations.
Using the new 3DS protocol developed by the card schemes and EMVCo, merchants can meet the new, more rigorous technical standards. However, SCA is often associated with transactional friction, as the two-factor authentication process can prove frustrating for online shoppers, which often leads to abandoned shopping carts.
Consequently, Netcetera is helping merchants and issuers across the globe to fulfil the technical requirements of card schemes and the PSD2 regulations with its 3DS product suite. Moreover, INFORM and Netcetera will release a webinar on 2 September 2020, titled ‘Balancing Security and Convenience in E-Commerce Transactions’ to discuss these challenges.
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