In August 2016, the EBA published the draft RTS for consultation, and spelled out the details in a public hearing on 23 September 2016, especially regarding the points on “Use of strong customer authentication for account access (one-month discussion)” and “Using a risk-based approach as a replacement for the second factor”. On 23 February 2017, after taking account of 224 comments received back from the market, the EBA published the final version of the RTS.

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The continued advance of digital technology has seen the automobile grow as a product from simply being a machine intended to move people from place to place, into a networked vehicle for services associated with mobility. Where the “car”, as a product, used to be the determining factor in value creation, it is now not enough on its own to ensure optimized value creation. The term “connected car” is now a synonym for mod-ern automotive mobility, implying communi-cation between the conveyance and its environment, as well as from vehicle to vehicle. As a result, there are now interfaces with related services such as billing, optimi-zation or linked mobility options. Ongoing competition between providers as automat-ed driving approaches, means there is ever greater relevance for comprehensive vehicle networking because greater availability of data has the potential to have a positive effect on functionality and rule compliance of automated systems.

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The automotive industry is currently faced with a structural shift that is primarily based on technological and sociological changes, with development driven by demographic change, urbanization and technological progress (Moore’s law). As a result, transportation needs are changing, which in turn is giving rise to altered demands on existing infrastructures. This is illustrated clearly by the prominent example of the shared economy trends in urban areas. In the context of automotive transportation, this means that customers are restricting their use of personal modes of transportation in favor of alternative options. In Germany, for instance, this trend is making itself felt in a shift of the modal split between different means of transportation.

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Telefónica Deutschland launched the “O2 Banking” app in partnership with the Munich-based Fidor Bank at the end of July, by offering a fully-fledged current account which includes a MasterCard debit card. An app, developed in-house, provides customer-friendly access to all online banking applications. Furthermore, transfers can be carried out by means of a cellphone number or email address without the need to know the recipient’s bank account number. Telefónica recognizes the frequent use of the account by increasing mobile data volume and eliminating the account’s monthly costs. As neither Fidor Bank nor O2 has the necessary infrastructure in place, cash withdrawals are provided by third-party ATMs, whereby customers are not charged any fees, provided that there is sufficient usage.

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Global financial markets are currently in a state of upheaval due to technical innovations, shifting customer needs and regulatory requirements. Established structures are faced with the challenge of defending their existing value chain against new market entrants, especially in the field of payment transactions. Financial institutions are losing their grip on the opportunity for success, namely the customer touchpoint.

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Less than a month after the announcement at the Apple Worldwide Developer Conference (WWDC), Apple Pay went live on the Swiss market on July 7, 2016. Up until then, there had been no sign of the revolution at Swiss NFC terminals predicted by Apple, which was mainly due to the fact that only three card issuers – Cornèr Bank, Swiss Bankers, and Bonuscard – support Apple Pay. Major players such as Credit Suisse, PostFinance, Raiffeisen, UBS and ZKB – who, between them, account for the majority of the Swiss payment card market – are not currently taking part in the Apple Pay program.

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