Are you prepared for changes to SCA legislation? Take the survey now
Posted on in Business News, Cycles News
ly reported that SCA (Strong Customer Authentication) was to be introduced on ecommerce transactions, but the legislation was postponed from its originally planned launch in 2019.
Bira, member of the IRC alongside ActSmart and the ACT, is on the UK Task Force, representing SME businesses in the group set up by UK Finance.
Payment processing providers should be informing their customers of the coming changes, and whilst Global Payments, Bira's official partner are in the process of producing guidance for Bira members, Bira, in conjunction with UK Finance wish to understand SCA readiness amongst UK SMEs.
Within the UK, SCA will be introduced gradually from February 2021 leading up to the FCA enforcement date of 14th September 2021. For further information on the SCA implementation and ramp up plan, please refer to the UK Finance SCA webpage here. For the rest of Europe, the enforcement date for SCA is from 31st December 2020.
It is important that your business will be ready to comply with the regulations as soon as possible and by 31st May 2021 at the latest. Otherwise, your customers may find their UK payments declined from as early as 1st June 2021 if you/your payment processing providers are not ready.
Please help us understand your knowledge and preparedness for SCA by completing the following anonymous survey before 27th October.
www.surveymonkey.co.uk/r/Bira-SCA-3
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