SRC confirms that the mobile banking solution Transakt by Entersekt meets the PSD2 requirements
Focus of the SmartCard Workshop
The SmartCard Workshop will take place on 21 and 22 February 2018 in Darmstadt. It is one of the most important events for smart cards in Germany. The participants come from all areas of industry, science and politics. They particularly appreciate the technical orientation of the workshop and its extensive neutrality. The workshop offers participants and experts a forum to present new operating system concepts and conceivable new features and applications, as well as to discuss the current state of development, cryptography, information security and standardization.
SRC expert explains authentication procedures
This year, SRC expert Sandro Amendola will give a presentation on security-related and regulatory issues in the “Registration of App-based authentication procedures”. Such authentication methods play an important role in many digital applications and have become very important for all users of online banking systems, especially due to the regulation of the banking market by the PSD2.
Evening event with award ceremony
A special highlight is the evening event. Each year, one expert is honored with the SmartCard prize for special achievements. The prize is donated by Fraunhofer SIT.
SRC actively participates in SmartCard Workshop
SRC supports the workshop as sponsor and through active participation in the Programme Advisory Board.
Image source: Fraunhofer SIT
Second EU Payment Services Directive PSD2 comes into force
The second EU Payment Services Directive PSD2 comes into force in January. The business policy, technical and regulatory need for action to be taken by credit institutions is diverse and at the same time individual for each bank. Among other things, the institutions will have to observe and implement stricter security requirements for the authentication of their customers and prove these to the national supervisory authority. For banks and Sparkassen as service providers and for customers as users, there is a risk that login and payment release will become more inconvenient. At the same time, the interface must be implemented for access by authorised third parties.
SRC expert discusses complex challenges and evaluates solution approaches
Sandro Amendola, Division Manager at SRC Security Research & Consulting GmbH, was one of the experts at the table talk of “Banken+Partner”. Mr. Amendola discussed the opportunities and challenges of the PSD2 and outlined possible solutions for banks and Sparkassen.
The challenges for banks and Sparkassen
An example of these challenges are the interfaces for authorised third party providers, which PSD2 requires to be made available by banks. Another example is two-factor authentication, which further enhances account access security. Increased security on the one hand is often not possible without making too great a sacrifice in terms of convenience and customer friendliness on the other. The experts present also explained how this security can be achieved without loss of comfort or customers. Finally, the opportunities that can be exploited through cooperation with the agile FinTechs were discussed.
Possible solutions for banks and Sparkassen
The entire expert discussion, as well as the topics and solutions, can be read in the free e‑paper from “Banken+Partner”. In addition, Sandro Amendola is available for individual workshops and consultations on PSD2 and its implications.
Image source: Banken+Partner/Fotografie Schepp
The NextGenPSD2 standard of the Berlin Group
In the context of the six-week public market consultation of the Berlin Group on its NextGenPSD2 standard for account access “Access to Accounts” (XS2A), which enables third parties to access payment accounts within the framework of the provisions of the revised EU directive for payment services (PSD2), SRC GmbH is also hosting a NextGenPSD2 conference. This will take place on October 25, 2017 in Deutsche Bank’s Atrium in Berlin. The conference offers a detailed program that shows how NextGenPSD2 builds a bridge into the banking system and reduces the complexity of the revised Payment Services Directive (PSD2) and the requirements for access to accounts (XS2A). It also highlights how Third Party Payment Service Providers (TPPs) can provide innovative solutions for customers using modern application programming interfaces (APIs) for secure access to bank accounts.
Change in payment transactions
The conference offers experienced specialists, developers, FinTechs, banks, processors and other experts involved in the PSD2 standard an excellent opportunity to learn in detail how NextGenPSD2 will change daily payment transactions in the coming years. A variety of policy insiders, experts and stakeholders will provide information on the background, goals and details of the open and collaborative NextGenPSD2 XS2A API standard. Accordingly, the meeting offers a great opportunity for a comprehensive explanation of the topic and to clarify open questions. The conference will also be honoured with an insightful keynote opening speech by the European Central Bank and offers several panel discussions with banks, regulators, FinTechs and consumer organisations.
Networking in Microsoft Lounge and Digital Eatery
The conference also offers exceptional networking opportunities: On the evening of 24 October 2017 (from 6 p.m.), the Microsoft Lounge and Digital Eatery will open their doors to the participants and provide access to a get-together event with delicious cuisine and refreshing drinks at no extra cost.
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