Nok Nok Labs is optimistic about the future of digital payments in Europe. With the European Banking Authority considering new standards for payment security across the European Union via its Directive on Payments Services, or “PSD2”, Nok Nok Labs has worked with the FIDO Alliance to draft recommendations on user authentication.
The comments were submitted earlier this week, with the EBA’s call for public comment now closed. It marks the first time that the FIDO Alliance has waded into government public policy, and the cross-industry consortium has stated it expects more such actions in the future as governments work to keep pace with changes in the financial services and payments sectors.
There is good reason to hope that the EBA will take heed of FIDO’s recommendations. The Alliance has grown to include more than 250 members, many of whom are major global brands, and as such it has wielded great influence in establishing strong authentication standards, and has won acclaim from industry analysts in the process. Moreover, Nok Nok Labs points out that members of the W3C, a cross-industry consortium specializing in web standards, have also backed FIDO’s recommendations.
Meanwhile, Nok Nok Labs has gone public with calls in the US for more public-private collaboration and concrete legislation in response to the White House’s newly announced efforts to improve digital security. It seems that the time is now for stakeholders in the private sector to work with government in establishing digital security standards to protect citizens.
February 12, 2016 -by Alex Perala