9 October 2019
The 14th of September deadline for PSD2 Secure Customer Authentication (SCA) to be in place for banks and building societies has now passed and Mutual Vision (MV) are proud to report that our consistency in hitting regulatory deadlines did not falter, despite the late in the day extension being made available.
MV has historically led the way with our approach to regulatory compliance and our approach to PSD2 was no different with this being one of the most significant regulations for our customers to adopt in recent years. Louise Watt, Head of Regulation & Compliance at MV said: “Having worked within a building society environment for 28 years prior to joining MV, I fully appreciate the importance of, and the headaches, that can come with implementing regulatory change. The value and peace of mind MV offer its customers by prioritising regulatory compliance is key to a successful relationship as they know they can rely on us to meet the deadlines set.”
The PSD2 regulation did encounter a few bumps in the road with an extension granted for some organisations in the payments and ecommerce space in August this year. However, this did not deter MV in meeting their original commitments with the functionality being made available to customers prior to the deadline of 14th September. Louise continued: “Our approach to regulatory compliance doesn’t waver. We understand the importance of maintaining regulatory compliance and the reputational and financial implications to our customers of not achieving and maintaining it It’s an exceptional achievement to make this functionality available and our customers can rest easy knowing that they have protected their customers and themselves. Our size and agility allows us to be nimble and respond to requirements more quickly than some of the bigger players who, it seems, have not all been ready to implement the changes”
Andy Smith, Investment & Mortgage Administration Manager from Vernon Building Society, who went live early on 11th September said: “The PSD2 rules have been brought in to better protect consumers from fraudulent activity which, of course, is of high importance to us. MV’s response to the regulation was, as ever, hands on and they helped guide us through the regulation and ultimately implement the requirements ahead of the deadline. Regardless of the extension, we considered the impact of not having the functionality in place and did not want to leave our customers vulnerable. We worked with MV to ensure compliance and are pleased to report that we have rolled the changes out issue free and consider ourselves to be ahead of the curve in the matter of PSD2.”
MV are now in the enviable position of having the regulatory changes in place and ready to go live immediately with any remaining customers who have chosen to take advantage of the extension.