Meet PSD2 Requirements with FIDO
New regulations require modern authentication
FIDO standards provide a secure, user-friendly way for the European payments industry to meet PSD2 strong authentication requirements.
The FIDO Alliance’s authentication standards provide a scalable way for the European financial ecosystem to meet PSD2 requirements for strong authentication of user logins and cryptographically signed transactions — while also meeting organizational and consumer demand for transaction convenience.
FIDO Authentication is based on open standards that are supported by an interoperable ecosystem of 800+ FIDO Certified solutions. Banks and payment services providers (PSPs) can select from many leading vendors of modern authentication solutions and/or they can develop and test their own FIDO-based PSD2 solutions. Once deployed, banks and PSPs may accept a variety of certified, interoperable FIDO-compliant authenticators in the market, including those in mobile devices and PCs, and hardware-backed security keys. The end result is a low-friction approach for user authentication that exceeds the European Banking Authority’s (EBA) PSD2 requirements.
The FIDO architecture offers a truly “best of both worlds” solution to the problems that drove the creation of multi-factor authentication requirements as defined in the EBA’s final draft Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA).
Want to see FIDO in action?
Watch these scenarios to see how FIDO can be used to meet PSD2 requirements while providing secure, simple user experiences.
Bob is making an in-app one-click purchase. With a touch to his fingerprint sensor he approves the transaction and authenticates himself in one action.Watch Video
Kathleen uses the built-in biometrics on her mobile device to authenticate a payment transaction on her computer.Watch Video
Watch the full video on FIDO and PSD2!
Financial services organizations and policy makers who want to learn more about how FIDO Authentication meets the PSD2 requirements for strong online authentication can review the additional resources below, or request a briefing from the FIDO Alliance by filling out the form here.