PSD2 -The Problem in General:
EU Revised Payment Services Directive PSD2 set the requirements of the strong customer authentication (SCA) when: the payer accesses his payment account online; initiates an electronic payment transaction or carries out any action, through a remote channel, which may imply a risk of payment fraud or other abuses.
PSD2-Strong Authentication Elements:
SCA must include 2 out of 3 elements, including knowledge (such as PIN), ownership (such as smartphone) and inherence (such as biometrics).
SCA must be accompanied with dynamic linking: the authentication code shall be specific to the amount and payee agreed to by the payer when initiating the electronic remote payment transaction.
The biggest problem in implementing of PSD2 is the fear of Payment Industry of too much friction and shopping cart abandonment.
Sentrycs Mobile Architechture
Sentrycs Mobile is SaaS that requires API integration (~1day) with E-Merchant Smartphone app. and Card Issuer.
From architectural point-of-view this is similar to the effort of integrating E-Merchants app. with Internet Payment Gateways, such as Stripe.
While Stripe focuses on Payment infrastructure – Sentrycs Mobile focuses on customer's Identity
Sentrycs Mobile user experience:
Leveraging PSD2 and using Sentrycs Mobile - future consumers will make much more secure and faster payments than today.
Consumers won't need to enter payment card details & billing address and worry about potential data breaches.
The whole process will take less than 5sec.
Sentrycs Mobile SCA:
Sentrycs Mobile captures any Payment event; performing low-friction risk-balanced strong customer authentication while dynamically linked to a specific amount and specific payee.
SCA includes 4 elements knowledge ( PIN) , ownership (smartphone), inherence (touchscreen behavioural biometrics and geolocation.