The EU Payment Service Directive 2 (PSD2) is a European Commission initiative to increase consumer security and protection for European payment processing. The PSD2 mandate requires all electronic payments within the European Economic Area (EEA) to have Strong Customer Authentication (SCA).
This was originally planned to be effective from 14 September 2019. However, the European Banking Authority (EBA) extended the EU enforcement until 31 December 2020. Further to this, the Financial Conduct Authority (FCA) have extended the UK enforcement date until 14 September 2021.
If Merchants support cross border payments they need to meet the 31 December 2020 deadline.
Published 18 November 2020