Under Payment Services Directive (PSD2) regulations it is mandatory for banks to apply SCA – also known as Two Factor Authentication – for certain online transactions, although a number of financial organisations are yet to do this.
Alun Williams, Commercial Director for Shawbrook Savings, said:
“Over the past few years we’ve been focussed on improving the customer experience, in particular the digital journey. SCA was a great opportunity to not only simplify the customer journey, but also enhance security and comply with evolving best practice and meet regulatory obligations.
“We received very few customer queries on the new process, which was testament to the simplicity of the Sandstone tech, and in fact received excellent feedback on launch day and in the days and weeks that followed.
“All in all, it has been a huge success and our online customers are reaping the benefits.”
Sandstone Technology’s General Manager for Europe, Andy Thompson, said:
“Shawbrook is a longstanding client and SCA was the perfect addition to their existing Sandstone digital portfolio. We encourage all financial organisations offering online banking services to activate SCA for their customers to add another layer of security to protect their accounts.”