Banks and other payment service providers are likely to welcome many of the SCA related proposals, as the FCA has sought to balance the need for secure systems with reducing friction in the customer journey. There is an emphasis on ensuring benefits for the UK Open Banking ecosystem, including helping new products and services to come to market more quickly.
Following discussions with the industry, trade bodies, and responses to its recent Call for Input on Open Finance, the FCA has identified barriers to successful competition and innovation in the UK payments landscape posed by requirements in the onshored SCA‑RTS. The FCA proposes the following amendments to the SCA-RTS to address these barriers:
ASPSPs need no longer require their customers to perform SCA every 90 days when the customer uses a TPP to provide account information services (AIS), although SCA will be required when customers first connect their account to that service.
AISPs will continue to be able to access a customer account without the customer’s active request to do so, up to four times a day, but will now need to reconfirm the customer’s explicit consent every 90 days.
The use of dedicated interfaces, rather than modified customer interfaces (MCIs), will be mandatory for personal current accounts, accounts that would fall under the definition of payment accounts within the meaning of the PARs but that are held by SMEs, and credit card accounts held by consumers or SMEs.
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