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On 21, June 2019, the European Banking Authority (EBA) published an opinion on the Payment Services Directive 2 (PSD2) and SCA. The opinion further defines what qualifies as a factor. Visa is actively engaging with local regulators on this.
Visa has collaborated with the industry to recommend an 18-month transition period to be applied across all member states. This recommendation is supported by a detailed roadmap to readiness with realistic milestones. In some member states, local regulators have already publicly announced support for an extension of this duration, others have yet to issue a formal statement.
On 1 August 2019, Visa co-signed a Joint Industry Statement from the European Payments Institutions Federation (EPIF). The statement advises all Issuers to continue authorising transactions in the same way as they do today, after 14 September and up to the end of the transition period to be confirmed by the EBA and/or national regulators. This is important to avoid large-scale disruption to e-commerce across Europe.
Issuers will be expected to continue to use legacy solutions for authentication and fraud mitigation strategies. Visa will be actively monitoring authorisation responses to identify Issuers that are reporting an increased number of declines – working with them to find solutions that allow customers to continue to make seamless payments.
Visa will use its overview of the payments ecosystem to support local regulators with information around ongoing progress with SCA implementation and the impact on European payments.