Banking sector welcomes additional time for rollout of online payment rules for ecommerce businesses under PSD29th August 2019
Banking & Payments Federation Ireland (BPFI) welcomes today’s Notice from the Central Bank of Ireland (CBI) (here) which provides additional time for the implementation of Strong Customers Authentication (SCA) rules for ecommerce transactions due to come into force on September 14th under the PSD2 Directive. This migration period, yet to be defined by the CBI, will allow more time for the ecommerce industry, including online businesses, to implement SCA reforms in a compliant manner. BPFI will continue to work with the CBI on the specifics of the migration period, which we hope will be harmonised across Europe. Notwithstanding today’s notice, from the 14th September card issuing banks in Ireland will continue to process eCommerce payment transactions as they do today.
BPFI and our member banks continue to progress the implementation of all other elements of PSD2, including SCA for online banking, which will be fully rolled out on or before the legislative date of 14th September. We plan launch a further public awareness campaign for consumers around this later this month which follows an earlier campaign rolled out in July – information can be found at www.mypsd2.ie
Speaking on today’s Notice from the CBI, Gill Murphy, Head of Payments Schemes, BPFI said: “Today’s statement by the Central Bank is a very positive development for consumers and online businesses as it will prevent unintended disruption to online shopping from 14th September. That said, any additional time will be limited so it is critical that all ecommerce businesses and operators continue to progress their preparation and implementation at pace”
For further information contact Jillian Heffernan, Head of Communications, BPFI, 087 9016880 or email@example.com
About BPFI: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.