The FCA has issued a ‘Dear CEO’ letter regarding the requirements for Strong Customer Authentication in card-not-present e-commerce transactions.
The Payment Services Regulations 2017 requires that all payment service providers must apply Strong Customer Authentication where a payment service user initiates an electronic payment transaction from the 14 September 2019.
Concerns regarding industry readiness have been flagged and the FCA outline their response to this in the ‘Dear CEO’ letter.
The ‘Dear CEO’ letter can be found in full on the FCA website.
