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PSD2 and Biometrics for Strong Customer Authentication

tl;dr: financial institutions are using PSD2's SCA to radically overhaul their authentication processes | biometrics are the go-to factor for inherence | roll them out across all channels with a saas, not device-based model | do it compliantly.
PSD2 and Biometrics for Strong Customer Authentication

Payment services, quickly and compliantly

With PSD2’s SCA due to come into effect next September, the Regulatory Technical Standards (RTS) provide an implementation framework for organisations involved in the provisioning of payment services, to act compliantly.

PSD2 as the impetus for change

Biometrics, with their natural ‘inherence’ fit, are fast becoming the go-to solution for stronger customer authentication. As a result, we seeing many banks use the opportunity that PSD2 now brings to completely refresh their authentication strategies. Many are using the impetus to migrate completely from SMS or push notifications, to biometrics for user authentication.

Not only is it more convenient, particularly a SaaS model such as our BIDaaS platform that allows for multi-device and channel authentication from a single enrolment, but the growing consumer appetite for using biometrics makes it a natural progression.

Not just for PSD2

Biometrics can help banks detect, prevent and disrupt fraud, from as early as the onboarding stage. Our multi-modal user authentication platform not only aligns with regulations such as PSD2 and GDPR, but allows banks to configure multiple biometrics to best suit the transaction and its risk profile.

Find out more

Read more about AimBrain’s suitability for PSD2 under the RTS framework in our fact sheet, or contact me for a chat about making your switch to biometric authentication.

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