Responding to the announcement by the FCA for an 18-month phased implementation plan for Strong Customer Authentication, that will come into force on the 14 September, Andrew Cregan, Payments Policy Advisor at the British Retail Consortium, welcomed the plan.
Cregan said, “The decision by the FCA avoids a payments cliff-edge, whereby 25-30% of e-commerce transactions made online after 14th September would have been at risk of failing as a result of the new laws.
'The 18 month, phased implementation of Strong Customer Authentication should allow retailers and banks time to put in place the necessary technical fixes required, and minimise any disruption in online transactions.
“The BRC supports the implementation of Strong Customer Authentication, which will strengthen the protections that customers have in their digital purchases.
'We are working closely with our members on this issue, however it is vital that the FCA keeps up the pressure on banks and payment service providers to deliver solutions in a time to avoid another cliff-edge in 18 months for retailers and other businesses on the front line.”