Higher security standards to come into effect for recurring card payments from Tuesday the 8th of March 2022
Banking and Payments Federation Ireland is alerting consumers that from, Tuesday the 8th of March 2022 and as part of the ongoing rollout of Strong Customer Authentication (SCA). Higher security standards will come into effect for certain card payments. These payments are mainly recurring, such as subscription payments where the cardholders details are retained for future use.
Outlining the changes which consumers can expect to see, Gillian Byrne, Head of Payments, BPFI said: “Following the introduction of Strong Customer Authentication (SCA) standards under EU law in 2021 banks and payment services providers have been working to transition customers to higher security payment standards which aim to protect customers as they access their accounts online or use their cards to shop online. Now this next step in the journey concerns recurring payments, using your card which is a popular way to make payments for many consumers”.
“From the 8th of March 2022, service providers or online retailers (also known as ‘merchants’) must process these payments in line with the security standards, otherwise some customers card transactions will be declined. In the coming weeks, you may receive notifications from merchants regarding transactions that are impacted. It is essential that you follow the instructions provided by your merchant to avoid any interruption and to ensure continuity of service”.
“We are advising cardholders who encounter any issues to contact their merchant directly for further information to resolve the issue as the payment agreement is between a cardholder and the merchant.”
Throughout the implementation of these security standards, the wider eCommerce community including banks and payments service providers have continued to work with and support online merchants to ensure a smooth transition and to prevent any disruption to their business and customers.
Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
Contact: Jillian Heffernan, Head of Communications, email@example.com 087 9016880.