HYPR delivers Passwordless Customer Authentication trusted by industry leaders such as CVS Health, Rakuten, Mastercard, and many more. This demo explores how HYPR accelerates your path to PSD2 Compliance by providing a Strong Customer Authentication (SCA) experience that is easy to use and easy to deploy. The Best part - It's both multi-factor and True Passwordless Security.
Are YOU Ready for SCA Requirements under the PSD2?
As of January 1st, 2021, companies doing business in the European Union must comply with Payment Services Directive (PSD2) requirements. One of those requirements is SCA, or “Strong Customer Authentication”, which requires that all customer-facing applications must now utilize multi-factor authentication.
PSD2 contains significant guidelines for how MFA should be implemented. For example, Section 9.3 of the Regulatory Technical Standards (RTS) describes the use of “separated software execution environments” for enabling Strong Customer Authentication. At a high level this implies that passwords and legacy 2-Factor Authentication (2FA) have become insufficient for securing consumer transactions. For example, password-based authentication takes place on the server-side and relies on shared secrets. It does not make use of a “separated software execution environment.”
The above example is just one instance of the many technical nuances of PSD2 that have caused friction for business leaders and application developers. Another less obvious hurdle? Multi-factor authentication simply isn’t widely adopted by customers.
This video explains why True Passwordless Authentication is being adopted as the optimal solution for SCA, and how it is enabling industry leaders such as Mastercard, Rakuten, and CVS Health to achieve PSD2-Compliant authentication while providing users a pristine customer experience.
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