Banca Transilvania has prepared the ground for the changes brought by the PSD2 Directive regarding online card transactions
Comunicat de presa 2020-12-21
• BT recommends confirming the online payments through the BT Pay application •
Starting January 2021, the online transactions made by card, on websites or in applications in the European Economic Space, must be authenticated respecting higher security standards according to the revised European Directive on payment services (PSD2), by using at least two elements of safety. Banca Transilvania has prepared the ground for its clients.
Safer transactions on the internet
The authentication through security elements provided by the directive, part of Strong Customer Authentification (SCA - strict customers authentication), involves identifying customers who pay online through two elements of the three categories: something that only the customer knows, such as a password; something that only the customer has, such as the phone and through an element that confirms the customer's identity, such as fingerprint or facial recognition.
"Online payments have become a habit and, at the same time, a necessity, and their security is a priority for the banks. Security must be combined with the best possible payment experience, so that online shopping is fast and easy. Therefore, through the BT Pay mobile application, users also have the card data, necessary for online payments and can easily authenticate these payments by fingerprint, FaceID or by using the phone’s unlocking method. In addition to confirming the online payments, they can also check the account balance and the transactions, they can also pay by phone and transfer money and even withdraw money from ATMs.”- Gabriela Nistor, Deputy Chief Executive Officer of Retail Banking, Banca Transilvania.
Online card payment confirmation options
- Using BT Pay, the super-app, through biometric authentication, with fingerprint, facial recognition or by using the phone’s unlocking method. For every online payment, customers receive an instant notification on their mobile phone to confirm the transaction by fingerprint, FaceID or the phone’s unlocking method. This option was launched in July 2020 in order to implement in advance the transition to these European requirements, but also as an additional option for #bankingladistanta. Over five million BT Pay payment confirmations took place within the first five months. The application can be downloaded for free from Google Play or App Store.
- By entering two passwords: a different password each time, received via SMS, as well as a password chosen by the client, which must be changed once every 90 days. The option will be available from January 2021.
There will also be online payments to which the SCA requirements will not apply, therefore customers will not be required to go through additional steps to confirm these payments, wich will be defined based on their payment history and payment behavior and the sites on which these payments have been made or in case of recurring payments, such as subscriptions or small amounts.
Banca Transilvania | Communication and Public Relations
About Banca Transilvania
Banca Transilvania is the largest bank in Romania and the main investor in the economy. With a story started 27 years ago, BT reached almost 18% market share, 3.2 million customers, has 3 business lines, over 9,000 team members, modern online banking solutions and 500 agencies in 180 cities. It is the only Romanian banking brand in the Brand Finance Banking 500 (2020) ranking. Beyond banking, Banca Transilvania wants to have a positive impact in Romania, both for the people and for the economy and the environment. For more details, please visit www.bancatransilvania.ro, BT's blog and the bank's Twitter profile.