UK banks welcome six-month SCA extension

UK banks have welcomed the extension to implement Strong Customer Authentication (SCA) for e-commerce transactions, with 42 per cent planning to use the extra time to improve and enhance the sophistication of their SCA roll out plans.

According to a poll conducted by LexisNexis Risk Solutions at a UK Finance webinar, attended by nearly 500 UK financial services professionals, 19.8 per cent have already implemented SCA.

A further 8.5 per cent said they had decided to delay implementation until 2022.

28.3 per cent said they will still deploy an SCA strategy in September as initially planned.

“The results from the poll were very interesting,” said Dan Holmes, solutions director at LexisNexis. “They suggested that some issuers are pressing on with SCA compliance, while others remain cautious – leveraging the extra time given by the deadline extension suggests that issuers may have been preparing to do the minimum to meet requirements, and then build-out post-September.”

Holmes added: “They will now however take advantage of the extension to improve delivery sophistication.”

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