Based on our recent Online Banking for SMEs Study in the CEE Region (2024) and joint survey with Monet+, conducted between February and March this year, we have identified key trends in payment authorization methods within online banking systems for business customers. The findings are as follows:
- 42% of banks offer OTP (One-Time Password)
- 24% provide mobile tokens
- 18% utilize hardware tokens
- 16% use mobile authorization via banking apps
Most banks offer multiple options, allowing customers to choose their preferred method.
Given the widespread use of mobile phones and smartphones, it is practical to assume that most users can authorize payments either through mobile authorization or SMS.
However, upcoming PSD3 regulations will require financial institutions to ensure that all users, including those with disabilities, older adults, and individuals with limited digital skills, can perform strong customer authentication (SCA). This includes users without access to digital channels or payment methods. Financial institutions must offer diverse SCA mechanisms to accommodate the unique needs and circumstances of all users. For example, individuals with visual impairments may prefer hardware authentication devices equipped with audio capabilities.
To explore alternative SCA methods that banks must offer to their customers, SME Banking Club organized a dedicated webinar on April 09, 2025. Together with Monet+, we provided an overview of available alternative SCA methods and discussed the necessary steps banks must take to ensure compliance with PSD3 and PSR regulations.
Watch Webinar’s recording:
