Year-end deadline is set for new online payments security measures

The notification that Irish banks were not ready for some new features of the EU Payment Service Directive came from the Central Bank in mid-December when there was clear evidence the new security procedures entailed by the directive were not going to be met anytime soon.

In response to industry concerns about their readiness to apply “strong customer authentication’’ to e-commerce transactions, the Central Bank asked the European Banking Authority (EBA) for an additional 12 months for banks and merchants to implement the new standard.