VERIMI, the new European identity and data platform, with its central and convenient VERIMI log-in (single sign-on) is now available in the German market, as a basic product (Minimum Viable Product - MVP). The launch is following a phased approach: in the first phase, the VERIMI system platform has gone live, with VERIMI shareholders Deutsche Bank and Bundesdruckerei the first organizations to make the green VERIMI button available for their online customers. In a second phase over the coming weeks, the platform will expand to connect additional partners as well as offer new platform features.

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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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