ACI Worldwide announces new RegTech tools to comply with upcoming strong customer authentication rules
Florida-based ACI Worldwide is releasing a new suite of tools to ensure businesses are prepared for the final parts of the EU’s Revised Payment Service Directive (PSD2) snapping into action in September.
The new rules will introduce regulations regarding strong customer authentication, or SCA. This means customers will have added protection when paying online. When purchasing items on the web, they will have to confirm their identity in two out of three ways – what they know, what they possess and what they are.
The known part refers to things like passwords, the own one could be a phone and what they are could be things like scanning a fingerprint, something many smartphones today need to open up anyway.
And that’s where ACI Worldwide hopes to help with its new tools. “The new SCA mandate has major implications for acquirers and merchants, and with the original deadline for the new rules quickly approaching, many are scrambling to manage and stay ahead of SCA,” said Benny Tadele, vice president of Merchant Solutions at ACI Worldwide. “To align with customer demand for fast and frictionless transacting, acquirers and issuers must be able to apply for exemptions where possible. ACI’s solutions give all participants in the payments ecosystem a competitive advantage.”
Having previously launched a merchant guide to tackle the new PSD2 rules, ACI Worldwide also have a few new tools to assist businesses to ensure compliance. The ACI Proactive Risk Manager offers real-time prevention and detection capabilities. It can integrate with issuers’ access control servers and PSPs’ and acquirers’ payment gateways to deliver SCA in real-time.
ACI Red Shield is a second solution to support company compliance. The multi-layered fraud prevention solution minimizes the risk of fraud, which is another key point of the PSD2 regulations.
ACI Worldwide is hardly the only company to offer a PSD2 solution. ForgeRock, FIME and AdviceRobo are just three other RegTech vendors that have announced solutions for companies European regulatory qualms.
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