Payments Industry Warns of SCA “Disaster” – Pleads for 18 Month Extension

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EPSM, a European payment services industry group, has called for a minimum 18-month delay to the introduction of Strong Customer Authentication (SCA) rules under PSD2 – just eight weeks ahead of a looming deadline for implementation.

In a desperate plea to regulators for an extension, it warned of “significant market disruptions” and “a disaster for consumers and PSPs [payment service providers]” without a grace period for industry to get its house in order.

“EPSM recommends that additional timeframes of 18 months for standard applications and up to 36 months for challenging applications, (e.g. in the travel and hospitality sector) across all regions

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