The natural fit between biometrics and PSD2 is compelling many organisations to look beyond the immediate requirements, and consider rethinking their wider authentication strategy. With PSD2’s Strong Customer Authentication (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.
Biometrics, with their natural ‘inherence’ fit, are fast becoming the go-to solution for stronger customer authentication, and we are seeing many banks now migrating 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.
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.