Advertisement

RBI Mulls Eliminating Additional Authentication for Some CNP Transactions

Jan. 6, 2011

The Reserve Bank of India (RBI) may consider doing away with the mandatory additional authentication for CNP transactions in the case of mail and telephone orders. The additional authentication for all CNP transactions was the result of an April 23 RBI directive, but the central bank said that during its review of the directive’s implementation, financial institutions “have been requesting to permit them to test the new system in a live scenario by providing a parallel run for a reasonable period, so as to ensure that customers are not put to inconvenience.” The RBI said it will permit the parallel run for IVR transaction until Jan. 31 (the directive took effect on Jan. 1).  During this period, IVR transactions will not be declined merely on account of non-authentication of additional factors. It will also exempt mail and telephone orders from the directive until Feb. 28, when the central bank will make a final decision on their inclusion in the additional authentication requirements.

 Average 3.5 out of 5
 Your Rating:
Your Review:
  

CS

  • ZooZ Nets $2 Million in New Financing - April 25, 2013
    The company said it will use the proceeds of the financing to “add new product functionality, increase traction with retailers, solidify new partnerships, and otherwise build its presence” in the global payments market.
  • PayPal Q1 Revenue Up 20% - April 22, 2013
    PayPal parent eBay reported first-quarter earnings late last week and said payment volume processed by the unit rose 22 percent from the same period a year earlier to $41 billion. Revenue also increased, up 20 percent year-over-year to $1.5 billion.
  • Zipmark Enables Digital Checks - April 18, 2013
    Zipmark, a New York City-based startup enabling businesses that typically accept paper checks to accept e-checks online and via mobile, has partnered with Rearden Commerce to enable B2B online payments.

Advertisement

 

Sign Up Today Free

Receive the twice weekly CNP Report and monthly feature articles providing in-depth examinations of global CNP issues.

Please take a moment and register.
* First Name:

* Last Name:

* Password:

* Confirm Pwd:

* Email:
* Category:
Company:

 

 

CNP Archive

Researching companies or people in the CNP industry? Search our past coverage for targeted news and information.

Search here