ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced a number of tools and solution updates to ready payment service providers (PSPs), acquirers, issuers and merchants for Strong Customer Authentication (SCA) and exemptions.
Under the new PSD2 regulations, all electronic online transactions in the European Economic Area (EEA) will require SCA, designed to tackle card fraud and protect the confidentiality of payment security credentials for consumers when purchasing goods and services online. From September 14, onward, all European consumers will need to confirm their identity for the majority of their online purchases, using two of the following: something they know (e.g., a password), possess (e.g., a phone), or are (e.g., their fingerprint). Regulators have indicated a potential extension to the September deadline.