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Standards

Online Retailers Warned of Lost Sales As SCA Comes Into Effect

“Online retailers are being warned to be prepared for the introduction of Strong Customer Authentication (SCA), the biggest change to payments since Chip & Pin rolled out 16 years ago. Initially scheduled for introduction on 14 September 2019, the rules – which demand a two-step verification process for all online purchases over €30 – come […]
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Standards

UK Merchants Warned to Get Ready for Imminent SCA

“With the UK finally set to officially enforce Strong Customer Authentication (SCA) rules, vendor Forter is warning merchants that issuing banks are already issuing soft declines on transactions which have not been sent to 3DS and are not flagged as either exempt or out of scope. Initially scheduled for introduction on 14 September 2019, the […]
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Standards

EMVCo Reveals Plans to Extend Specifications and Testing Programmes

“EMVCo is to launch an initiative to evaluate the role of wireless technologies not yet covered in its specifications — including Wi-Fi, ultra wideband (UWB), Bluetooth Low Energy (BLE) and mobile data — in creating “flexible and convenient payment experiences”, the technical body’s annual report reveals.”
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Standards

BNY Mellon Launches ISO 20022 Hub

“BNY Mellon has launched an ISO 20022 Hub to help clients and other financial institutions to manage the transtion to the new payment standard. Set for introduction in November 2022, the ISO messaging standard promises to have significant and widespread impacts on financial institutions across the globe over the coming years.”
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Standards

EMVCo Adds Support for Elliptic Curve Cryptography

“EMVCo has issued a new specification bulletin that adds support for elliptic curve cryptography (ECC) to its EMV contact chip specifications to enable ‘robust EMV contact chip security long term as payment technologies evolve.'”

On The Wires

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Standards

ASC X9 Publishes ISO 20022 Remittance Content Market Guide

“The Accredited Standards Committee X9 Inc. ( X9 ) today announced the availability of the ISO 20022 Remittance Content Market Guide, which documents recommendations for remittance information content. The guide is intended to advance a major benefit of ISO 20022, which is to support straight-through processing of remittance data for business-to-business payments. It provides guidance […]
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Standards

Nacha Announces Updates to ISO 20022-to-ACH Mapping Guide & Tool | Nacha

“Today, Nacha announced updates to its ISO 20022-to-ACH Mapping Guide & Tool , which provides background, explanation and examples as well as detailed data mapping between the ISO 20022 messages and the corresponding ACH transactions. These updates include revisions to align with recent Nacha Rules changes, including the expansion of Same Day ACH, changes to […]
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Standards

Financial Data Exchange (FDX) Reports 28 Million Consumer Accounts Use FDX API for Open Finance and Open Banking

“The Financial Data Exchange (FDX) today reports 28 million consumer accounts now use its FDX API for open finance and open banking data sharing. Since the group’s last report, more than one million additional consumer accounts were transitioned to the FDX API per month, representing an increase of six million additional consumer accounts that use […]