The technological requirements that come with Confirmation of Payee (CoP) rules led banks to push back, according to payment firms.
“The banks bleated, and the regulator delayed it,” says Gary Prince, chairman at SmartTrade App and former vice president of UK mobile payments at Barclays. “Banks can complain that they have too much to do because of PSD2 and strong customer authentication (SCA) but it just seems like a convenient excuse for them. What’s going to happen come March next year if they’re not ready? A date is only a date if you stick to it.”
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