Finextra, the leading independent newswire and information source for the worldwide financial technology community, names Cronto, UK banking security specialist, as one of the leaders in Authentication and Security category of the Innovation Showcase
Elton Cane, Strategy director, Finextra says: "In launching the Innovation Showcase, we sought to highlight some of the most interesting financial technology developments over the past 12 months. What were we looking for? Newness, uniqueness and impact; clever ways of solving a problem; and projects at the leading edge of new industry trends."
Cronto and Commerzbank AG, Germany's second largest bank, have recently launched the visual transaction signing solution allowing selected customers to authorise their domestic transfers in "two clicks of a button" using their cameraphones. "Customer convenience is at the heart of any successful financial service and the optical channel provides the most usable, versatile and cost-effective option. By simply taking a picture, the customer can securely authorise, receive and respond to any message from the bank," says Igor Drokov, CEO, Cronto.
Highlighting the Cronto technology in the Innovation Showcase, Elton Cane, Strategy Director, Finextra, says: "Overcoming the challenges posed by the most sophisticated fraud techniques, such as 'Man-in-the-Browser' trojans, is leading to a number of innovative anti-fraud approaches in the industry. Although others have sought to bring mobile phones into the equation as an authentication device, Cronto is the first to use the cameraphone, with associated benefits of ease of use, and not requiring the entry of any characters at either end."
Dr Elena Punskaya, CTO, Cronto also noted: "While the mobile phone provides the convenience of a device that customers already have, our visual signing technology doesn't stop there. A standalone optical token could be used by customers who might prefer a dedicated device and offers even easier one-click operations. We have also designed a unique personalisation process that avoids the high costs usually associated with standalone device distribution."
In the current economic environment, many financial services organisations are looking to optimise their processes and performance - doing so through increased efficiency and focus on customer satisfaction requires business and technology innovation. Cronto is committed to delivering the most optimal technology to mitigate the current and future threats in online banking.