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

21 December 2020 Reading time 3:00 minutes


- BT recommends confirming payments online via the BT Pay app -

 

From January 2021, online card transactions, made on websites or in applications in the European Economic Area, must be authenticated with higher security standards according to the revised European Payment Services Directive (PSD2), by having two security features. Banca Transilvania has prepared the ground for its customers.

Safer internet transactions

Authentication by security features, part of Strong Customer Authentication (SCA), involves identifying customers who pay online by two of three elements: something only the customer knows, such as a password; something only the customer has, such as a phone number; and something that confirms the customer's identity, such as a fingerprint or facial recognition.

"Online payments have become a habit and, at the same time, a necessity, and their security is a priority for banks. Security needs to be combined with a better payment experience, so that online shopping is quick and easy. Thus, through the BT Pay app, users also have the card details needed for online payments and can authenticate them simply by fingerprint, face ID or phone unlock method. In addition to confirming online payments, they can also check their account balance and transactions, pay, transfer money and even withdraw money from the ATM" -Gabriela Nistor, Deputy General Manager Retail Banking, Banca Transilvania.

Confirmation options online card payments:

  • Through the BT Pay super-app, biometric authentication, fingerprint, facial recognition or phone unlock method. With every online payment, customers receive an instant notification on their phone to confirm the transaction via the phone unlock method. The facility was launched by the bank in July this year in order to prepare in advance for the transition to these European requirements, but also as an additional option for #bankingladistanta. Within five months there were more than 4 million logins via BT Pay. The app can be downloaded for free from Google Play or the App Store
  • By entering two passwords: a different password each time, received by SMS, and a password chosen by the customer, which must be changed every 90 days. The option will be available from January 2021.

 

There will also be online payments where SCA requirements will not apply, i.e. customers will not be required to go through extra steps to confirm payments, based on the customer's payment history, depending on payment behaviour, the sites where the payments were made or whether they are recurring payments such as subscriptions or small amounts.  

Banca Transilvania | Communications & Public Relations

About Banca Transilvania

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

Press contact

comunicare@btrl.ro

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