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Digital Identity, Security & Online Fraud

MyBank is compliant with strong customer authentication

Wednesday 3 July 2019 | 12:09 PM CET

PRETA has confirmed that its pan-European e-authorisation solution MyBank is compliant with the SCA requirements of the revised PSD2.

MyBank enables online banking-based payments via SEPA Credit Transfer with immediate confirmation of the transaction. The e-authorisation process relies on secure architecture and ease of use of online banking, which is based on web standards and protocols in line with current European technical regulations.

Strong customer authentication will become mandatory for the majority of online transactions as of September 2019. Moreover, customer identification will have to be based on a combination of at least two independent factors belonging to different categories: something a customer knows (a password), is (a fingerprint) or has (a smartphone). MyBank’s network of over 250 banks has already integrated identification methods in their online banking systems to effectively meet the MyBank specifications and to be compliant with PSD2 requirements regarding strong customer authentication.

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