PSD2 is the major policy development set to impact the payments industry across Europe. The PSD2 seeks to: Further standardise and make interoperable card, internet and mobile payments. Reduce barriers to entry, in particular for card and internet payments.
What is PSD2?
The PSD2 Strong Authentication Requirement specifies the following:
3.2.1 This section of the draft RTS specifies the requirements of strong customer authentication, which,
according to Article 4(30) PSD2, is an authentication that:
a) is based on the use of two or more elements categorised as
i. knowledge (something only the user knows),
ii. possession (something only the user possesses), and
iii. inherence (something the user is),
b) ensures the elements are independent from one another, in that the breach of one does not compromise the reliability of the others, and
c) is designed in such a way as to protect the confidentiality of the authentication data.
Source: European Banking Authority “Consultation Paper On the draft Regulatory Technical Standards specifying the requirements on strong customer authentication and common and secure communication under PSD2
MIRACL Trust® ZFA meets upcoming PSD2 regulatory guidelines in EU.
MIRACL Trust® ZFA is a cloud-based service that provides secure, Multi-Factor Authentication to employees, partners, and external users without sending authentication credentials across the web for storage in the cloud. Which means it can’t be compromised.