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<p>The implementation of Strong Customer Authentication, which mandates two-factor
authentication for some online payments, will introduce more secure payments for individuals
and businesses.</p><p> </p><p>This was introduced by the second Payment Services Directive.
HM Treasury published an impact assessment on the implementation of this EU directive
in 2017.</p><p> </p><p>In an Opinion published on 21 June, the European Banking Authority
(EBA) acknowledged the complexity of payments markets and the practical challenges
arising from the changes that are required by Strong Customer Authentication across
the EU, which may lead to some actors in the payments chain not being ready by 14
September 2019.</p><p> </p><p>The FCA is therefore working closely with industry to
develop a migration plan to implement Strong Customer Authentication in a timely and
effective manner.</p>
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