Mardi MacGregor comments on “The digital drive to replace the passport in financial services”
This new report looks at the importance of proper identification and information accuracy for financial services purposes. What is a digital identity and what are the technical solutions for identity management? Will the implementation of secure customer authentication (SCA) by 31 December 2020 be sufficient for industry and market participants to make the necessary changes and for customers to be prepared?
Financial services lawyer Mardi MacGregor comments in the report that, as a result of PSD2, institutions “have to find a balance between opening up access but also continuing to ensure customer confidentiality and security”.
Mardi also notes: “SCA affects any function which takes payments online. Every merchant has different requirements, different customers and different processes. It takes time to create an industry consensus around what something like SCA should look like”.
To read the report in full, please click here to download.