Right Authentication Method for Financial Service Provider
Macro Global’s Strong Customer Authentication service strengthens and speed up the payment transaction in a secured manner and empowers the bank as a strong competitor in the domain of e-commerce payments.
In today’s world, fraudulent actions in electronic payments are one of the main threats faced by financial and payment service providers. Open Banking aims to harmonise the payment market players and foster the adoption of innovation and data security to reduce the hurdles in the competitive era.
As a core component of opening the payments market to third-party providers (TPPs) through common and secure communication, Open Banking seeks out to strengthen security in payments by mandating SCA.
Strong Customer Authentication (SCA) and secure communication are key to achieving the Open Banking objective by enhancing consumer protection mandating new security processes to improve the security of payment services across the UK.
Although payment service users (PSUs) have an immense benefit around security and data protection, industry actors (service providers and e-commerce merchants) face new challenges in supporting the legal, functional, technical, and business implications of the Regulatory Technical Standards (RTS).
In this business case, we will discuss the challenges faced by our client in implementing the right authentication method and how Macro Global’s SCA service on multi-factor authentication supported the financial service provider to address the inherent risks by minimising the fraudulent threats with the advent of new technology in a secured manner.