The UK-based regulator announced a change to the 90-day re-authentication rule in November 2021, meaning that customers will no longer need to reauthenticate when they access their account information through a third-party provider (TPP). Instead, the FCA said ‘TPPs will be required to obtain explicit consent from customers at least every 90 days’.
On 1 March 2022, the FCA updated its guidance on Strong Customer Authentication (SCA) to support the transition requirement of the UK- RTS Article 10A exemption including reconfirmation of consent by AISPs (pursuant to Article 36(6)).
This regulatory change comes into force on 26 March 2022. However, the FCA has provided the following updates:
The OBIE is supportive of these changes which we believe will minimise disruption to consumers and SMEs as the industry prepares to implement these changes.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
