Compliance with Regulations
BrowserID is designed to help financial institutions and other organizations meet stringent regulatory requirements, particularly in the areas of authentication and secure payments. Our platform supports key standards that are crucial for regulatory compliance in the financial sector.
Strong Customer Authentication (SCA)
Strong Customer Authentication is a requirement introduced by the European Union's Revised Payment Services Directive (PSD2) to enhance the security of electronic payments and reduce fraud.
How BrowserID Supports SCA
Multi-Factor Authentication: BrowserID's cryptographic keypair technology can serve as one of the authentication factors required by SCA, typically falling under the "possession" category (something the user has).
Dynamic Linking: The challenge-response mechanism used in BrowserID can be integrated into the dynamic linking process required by SCA, ensuring that authentication is specifically linked to the transaction amount and payee.
Risk-Based Authentication: While BrowserID provides a strong base layer of authentication, it can be combined with risk analysis tools to apply SCA selectively based on the risk level of transactions.
User-Friendly Implementation: BrowserID helps implement SCA in a way that maintains a smooth user experience, addressing one of the key challenges in SCA implementation.
Secure Payment Confirmation (SPC)
Secure Payment Confirmation is a web standard developed by the W3C to create a better user experience for authenticating payments on the web.
How BrowserID Aligns with SPC
Browser-Based Confirmation: BrowserID's browser-centric approach aligns well with SPC's goal of leveraging the user's browser for secure confirmations.
Cryptographic Proof: The cryptographic keypair used by BrowserID can be integrated into the SPC flow, providing strong cryptographic proof of user consent.
Streamlined User Experience: By reducing the need for additional authentication steps, BrowserID helps maintain the streamlined user experience that SPC aims to achieve.
Cross-Device Compatibility: BrowserID can work across different devices, supporting SPC's goal of providing a consistent payment confirmation experience across platforms.
Benefits for Financial Institutions
By implementing BrowserID, financial institutions can:
Meet Regulatory Requirements: Easily comply with PSD2 and other regulations that mandate strong authentication.
Reduce Fraud: Enhance security measures without compromising user experience, leading to reduced fraud rates.
Improve User Experience: Offer a seamless authentication process that doesn't frustrate users or lead to cart abandonment.
Future-Proof Compliance: Stay ahead of evolving regulatory requirements with a flexible, standards-based authentication solution.
Ongoing Compliance
BrowserID is committed to staying up-to-date with evolving regulatory standards. Our team continuously monitors changes in financial regulations and updates our platform to ensure ongoing compliance.
By leveraging BrowserID, organizations can confidently navigate the complex landscape of financial regulations while providing a secure and user-friendly authentication experience.