In a recent article on Forbes, Rodger Desai, Prove Co-Founder & CEO, wrote about the challenges facing Open Banking implementation globally as well as how banks, merchants, and accredited service providers can ensure an optimal balance between security and customer experience.

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Rodger: “It is beyond debate that consent-based sharing of financial data must be accompanied by strong security and data protection. At the same time, conservative authentication practices introduce friction in the process, thereby hampering customer experience. The potential negative impact of strong customer authentication (SCA) on consumer payments experience has been one of the sticky areas in PSD2 compliance in the EU.”

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“Companies participating in the open banking ecosystem must ensure the secure exchange of financial information under all circumstances and yet make the experience frictionless for the consumer.”

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Read the full Forbes article by Rodger Desai here.

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To learn about Prove’s identity solutions and how to accelerate revenue while mitigating fraud, schedule a demo today.

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