The new regulations concerning strong customer authentication and secure communication (RTS SCA & SC) under PSD II were published by the EU Commission on November 27, 2017. At first glance two points, in particular, come to mind: On the one hand, the requirements have been worded very generally, meaning that applying these rules to concrete payment processes will prove a major challenge to many market participants. On the other, the underlying security paradigms all appear to be inconsistent with one another. Even though these points were continually debated during the long consultation phase – including consultations, public hearings, numerous meetings involving market participants and the European Banking Authority (EBA), the final version of the RTS still does not provide sufficient clarity on the subject.

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Internet retail is growing rapidly. E-commerce revenues in the German B2C segment have increased almost fivefold in the past 10 years, which is why online payments are becoming ever more important. The success of payment services such as PayPal is largely due to their user-friendliness. Customers are no longer required to enter complicated IBANs, PANs, TANs, BICs, or online banking log-in details, but merely have to remember their email address/username and a password of their choice.

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Approaches aimed at increasing functionality with smaller budgets are frequently discussed at management level in established companies, but are rarely successfully implemented. The reasons for failure (or at least lack of success) of these projects cannot be attributed to general factors (e.g. company size) or even a few different factors; reasons specific to the company in question also play a role. It is clear that a successful approach must be implemented in various areas if the core of the entire process of relevant innovation is not to be abandoned.

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Leading German and European companies have stated their intention to cooperate more closely to establish a joint, pan-industry platform for online registration, e-identity and data services. The aim is to make online registration simpler and more secure for clients. The participating companies have signed a corresponding declaration of intent. The initiative was set up by Allianz, Axel Springer, Daimler and Deutsche Bank with Postbank as well as the technology think-tank Core, and Here Technologies, the location services provider.

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