Do you use budget management apps? Good news: you will no longer need to authenticate yourself every 90 days to ensure continued access to your banking history. This period has been extended to 180 days.
Certicode Plus, Scuripass, Mobile Confirmation: it’s been a little over 3 years since these new names burst into our daily lives. Since September 2019, in fact, the use of these strong authentication devices has become mandatory to secure certain sensitive operations: our online payments by bank card, of course, but also remote access to our bank accounts.
You have probably experienced this before if you use services based on open banking technology (or open banking), for example the account aggregation services offered by your main bank or by budget management applications such as Bankin’ or Linxo. Every 90 daysyou are asked to perform a new strong authentication to renew the access of the service in question to the history of your banking transactions. A measure designed to secure this sensitive data, but which is not without its drawbacks. Each new authentication represents, in fact, a constraint for the user and, in case of omission or concern, a risk of service interruption.
Bank account, payments: what changes for your security
A double delay
This explains why this 90-day period has been fought for a long time, with the European authorities, by the actors of open banking. Their stubbornness ended up paying off: the European Banking Authority (EBA), the institution responsible for overseeing the regulatory framework of the banking sector in the Union, agreed to extend this period to 180 days. An effective change for a few days.
Clearly, the banking establishment will no longer be able to impose strong authentication (…) on users to maintain the connection to their services within this new period of 180 days, between two renewals, explains Linxo on its blog. This is a huge improvement in the experience for open banking users that we have fought for for many years (…) welcomes Bridgeanother pioneer in the sector in France.
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An improvement, not a solution
Not everyone is so enthusiastic. In a press release, Jan van Vonno, in charge of industrial strategy at Tink, another European open banking giant, believes that this development will improve the situation, but that in the longer term, it will not be able to solve the fundamental problem of the friction continues for the consumer and for open banking firms having to regularly re-enroll their entire customer base – even though it now goes from every three months to every six months.
He thus proposes to draw inspiration from the British model, based on a single authentication of customers with their bank, who then only have to renew their consent with the [services d’informations sur les comptes].
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