eIDAS certificates deadline now just weeks away
What’s happening?
The ‘adjustment period’ granted by the FCA that gave third-party providers (TPPs) and account servicing payment service provider (ASPSPs) extra time after the 14 September deadline last year to implement Strong Customer Authorisation (SCA) runs out on 14 March.
From that date, account information service providers (AISPs), payment initiation service providers (PISPs), card-based payment instrument issuers (CBPIIs) and all other TPPs that access accounts via ASPSPs will need to be ready to issue eIDAS certificates.
This applies to all regulated TPPs, including those currently using Open Banking certificates to connect to banks.
TPPs and eIDAS certificates
From 14 March, TPPs will require eIDAS certificates to be recognised by ASPSPs as legitimate actors with the legal right to access customers’ accounts.
Issued by regulated Qualified Trust Services Providers (QTSPs), eIDAS certificates take the form of qualified certificates for electronic seals (QSealCs) and qualified certificates for website authentication (QWACs) which enable a secure communication channel to be established between TPP and bank.
eIDAS certificates must include the third party provider’s firm registration number, the name of their regulatory body and the scope of their role i.e. accessing account information and/or payment initiation.
What do you need to do?
With ASPSPs requiring eIDAS certificates from next month, you’ll need to ensure you’re able to comply with that requirement ASAP.
If you’re a regulated TPP currently using Open Banking certificates, you might want to consider partnering with a QTSP to ensure you can issue eIDAS certificates. You can obtain a list of QTSPs from Open Banking.
If you’re a TPP that relies on a Technical Service Provider (TSP) to access bank accounts via Open Banking APIs, you should liaise with them as a matter of urgency to verify whether they’ll need to issue their own eIDAS certificates.
How can we help you?
If you need guidance or assistance with any of the above, please get in touch with our specialist team as soon as possible. Our experts have the experience and the expertise to guide you safely through whatever challenges you face meeting the eIDAS deadline. To find out more, contact us at info@thistleinitiatives.co.uk or call now on 0207 436 0630.