TOP STORY | Issue 49

FCA boosts Open Banking by removing 3-month re-authentication requirement


Fintech firms will no longer need to re-authenticate customers every ninety days for continued access to bank account data, but they will need to prove customer consent, under modifications to Open Banking rules spelled out by the Financial Conduct Authority.

Currently, customers who access account information through a Third-Party Provider (TPP) must authenticate via Strong Customer Authentication (SCA) when they access their data for the first time.