Open banking is a simple-sounding concept – the rules around it, however, are anything but.
Under the European Union’s second payment services directive (PSD2), strong customer authentication (SCA) aims to ensure that the third parties that banks deal with are who they claim they are.
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Mark Hewlett, Ebury |
To meet this need, adequate proof needs to be provided. This proof comes in the form of two or more elements defined as knowledge (something only the user will know), possession (something only the user possesses) or inherence (something that the user is).
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