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The technical specification ETSI TS 119 495 defines a standard for implementing these requirements. PSD2 went into full effect on 14 September 2019, but due to delays in the implementation, the European Banking Authority allowed for a time extension of the strong customer authentication (SCA) until 31 December 2020. [16] [17]
Strong customer authentication (SCA) is a requirement of the EU Revised Directive on Payment Services (PSD2) on payment service providers within the European Economic Area. The requirement ensures that electronic payments are performed with multi-factor authentication , to increase the security of electronic payments. [ 1 ]
To achieve this objective, the Berlin Group established a pure technical standardisation body, focusing on detailed technical and organisational requirements. [1] This common API standard is called "NextGenPSD2" after the PSD2 directive and was developed to create uniform and interoperable communications between banks and third-party processors ...
Version 2 of 3-D Secure, which incorporates one-time passcodes, is a form of software-based strong customer authentication as defined by the EU's Revised Directive on Payment Services (PSD2); earlier variants used static passwords, which are not sufficient to meet the directive's requirements.
[5] [4] The Internet Society and Mozilla say that requirements of the regulation require violating other requirements. They also assert that it would undermine technical neutrality and interoperability, undermine privacy for end users, and create dangerous security risks. [9] They suggest instead continuing to build on the existing CA framework.
ISO 20022 is an ISO standard for electronic data interchange between financial institutions.It describes a metadata repository containing descriptions of messages and business processes, and a maintenance process for the repository content.
"Banking as a service" stack based on the cloud stack by Scholten, derived from Lenk et al. UML class diagram depicting banking Banking as a service (BaaS) is the provision of banking products (such as current accounts and credit cards) to non-bank third parties through APIs.
A software requirements specification (SRS) is a description of a software system to be developed.It is modeled after the business requirements specification.The software requirements specification lays out functional and non-functional requirements, and it may include a set of use cases that describe user interactions that the software must provide to the user for perfect interaction.