Banca Transilvania has prepared the ground for the changes brought by the PSD2 Directive regarding online card transactions

Press release 2020-12-21
Banca Transilvania has prepared the ground for the changes brought by the PSD2 Directive regarding online card transactions


• BT recommends confirming online payments through the BT Pay app •

 

From January 2021, online card transactions, made on websites or in applications in the European economic area, must be authenticated in compliance with higher security standards according to the revised European Directive on payment services (PSD2), through the existence of two security elements. Banca Transilvania has prepared the ground for its clients.

Safer transactions on the internet

Authentication through security features provided by the directive, part of Strong Customer Authentification (SCA – strict customer authentication), involves the identification of customers who pay online through two elements of the three categories: something that only the customer knows, such as the password; something that only the customer has, such as the phone and through an element that confirms the identity of the customer, such as fingerprint or facial recognition.

"Online payments have become a habit and, at the same time, a necessity, and their safety is a priority for banks. Safety must be combined with a better experience to pay, so that online shopping is fast and easy. Thus, through the BT Pay application, users also have the card data, necessary for online payments and can easily authenticate them through the fingerprint, make ID or through the unlocking method of the phone. In addition to confirming online payments, they can also check the account balance and transactions, pay, transfer money and even withdraw money from the ATM." – Gabriela Nistor, Deputy General Manager Retail Banking, Banca Transilvania.

Options for confirming online payments by card:

  • Through the BT Paysuper-app, through biometric authentication,fingerprint, facial recognition or the phone unlocking method. With each online payment, customers instantly receive a notification on their phone to confirm the transaction by the method of unlocking it. The facility was launched by the bank in July a.c. to prepare in advance the transition to these European requirements, but also as an additional option for #bankingladistanta. Within five months, over 4 million authentications have taken place through BT Pay. The application can be downloaded for free from Google Play or App Store. 
  • By entering two passwords: a different password each time, received by SMS, as well as a password chosen by the client, which must be changed once every 90 days. The option will be available from January 2021.

 

There will also be online payments to which the SCA requirements will not apply, respectively customers will not be required to go through additional steps to confirm payments, established on the basis of the client's payment history, depending on the payment behavior, the sites on which the payments were made or if it is about recurring payments, such as subscriptions or small amounts.  

Banca Transilvania | Communication & Public Relations

About Banca Transilvania

Banca Transilvania is the largest bank in Romania and the main financier of the economy. With a story started 27 years ago, BT has almost 18% market share, 3.2 million customers, 3 business lines, over 9,000 people in the team, state-of-the-art online banking solutions and 500 offices in 180 localities. It is the only Romanian banking brand in the Brand Finance Banking 500 (2020) ranking. Beyond banking, Banca Transilvania wants to have a positive impact in Romania, both for people, as well as for business and the environment. For more details, visit the www.bancatransilvania.ro, BT Blog and bank profile on Twitter.