Right Authentication Method for Financial Service Provider

In today’s environment, one of the most significant risks to financial and payment service providers is fraudulent behaviour in electronic payments. Open Banking strives to harmonise payment market operators and encourage the use of innovation and data security in order to lower barriers in a competitive environment.

Open Banking proposes to increase payment security by establishing SCA as a basic component of opening the payments market to third-party providers (TPPs) through common and secure communication.

SCA and secure communication are critical to achieving the Open Banking goal of improving consumer protection by implementing new security measures to improve the security of payment services across the UK.

Although payment service users (PSUs) gain greatly from security and data protection, industry actors (service providers and e-commerce merchants) face significant hurdles in supporting the Regulatory Technical Standards’ legal, functional, technical, and business ramifications (RTS).

In this business case, we will discuss the challenges that our client faced in implementing the appropriate authentication method, as well as how Macro Global’s SCA service on multi-factor authentication assisted the financial service provider in addressing the inherent risks by reducing fraudulent threats with the introduction of new technology in a secure manner.