Company
Date Published
Author
Kat Cloud
Word count
346
Language
English
Hacker News points
None

Summary

The concepts of authorisation and authentication under PSD2 are legally captured by access and consent, but only work as intended when a consumer first connects their payment account to a Third Party Provider. The 90-day "reauthentication" requirement is problematic because it conflates reauthorisation with reauthentication, involving financial institutions in a way that harms consumers and the ecosystem. A new proposal by the FCA aims to remove this requirement and replace it with 90-day reauthorisation, which would benefit TPPs and ensure open banking works as intended for all parties involved.