The Central Bank of Ireland has postponed the rollout of new EU rules aimed at boosting the security of online payments for e-commerce transactions amid concerns that businesses lack enough time to comply with the measures, The Irish Times reported.
The new strong customer authentication rules, which come into effect Sept. 14, form part of the EU's second Payment Services Directive and will require businesses to set up an additional layer of verification into online payments for transactions exceeding €30, according to the report.
The central bank said it would give the banking sector additional time to implement the necessary reforms but did not elaborate on how much more time businesses would be given. The central bank, however, said it was in talks with regulators, including the European Banking Authority, to come up with a harmonized approach to the migration time periods for the rules across the EU.
In June, the EBA rejected calls to allow an extended grace period for businesses to comply with the new rules, saying they were already given enough time, although the regulator allowed national authorities to offer limited extensions on an exceptional basis, the newspaper noted.
French and Dutch regulators, among others, are also said to be considering similar extensions for businesses, the report said.