20 April 2018
Visit http://response.ncr.com

Bank of Cyprus tightens app security to meet PSD2 requirements

22 November 2017  |  5046 views  |  0 Source: Vasco

VASCO Data Security International, Inc., a global leader in digital solutions including identity, security and business productivity, today announced that Bank of Cyprus, the country’s largest bank, has secured access and transaction signing on its mobile and online banking application using DIGIPASS for Apps.

This solution enables the bank to take steps toward meeting the authentication requirements issued by the European Banking Authority (EBA) in the upcoming Payment Services Directive (PSD2) regulation.

DIGIPASS for Apps, a comprehensive software development kit with a library of APIs, natively integrates application security, biometric authentication, risk analysis and more into mobile applications. In combination with Virtual DIGIPASS, which generates a transaction specific one-time password via SMS, the two solutions help banks meet the Directive’s requirements for customer authentication and transaction signatures that include transaction data.

In addition to addressing PSD2 requirements, the Bank of Cyprus has implemented VASCO products to improve security and user experience as its customer base makes a strong shift toward transacting on mobile devices. Using DIGIPASS for Apps, the bank has integrated push notifications, TouchID and CRONTO® QR codes to enable fast, yet secure mobile banking, making account access and transaction signing easy.

“With VASCO’s help, we are able to take steps toward meeting the EBA requirements while at the same time enhancing the security and improving the online and mobile banking experience for our customers,” said Bank of Cyprus Director Consumer & SME Banking, Charis Pouangare. “By partnering with banking industry leader VASCO and integrating their solutions, we brought in the best security to help our customers feel confident their banking applications are protected.”

“With the increasing regulatory requirements and the growing need for improved customer experience, banks face challenges on how to develop an effective compliance strategy,” said VASCO Chief Executive Officer, Scott Clements. “Our technology addresses both of these concerns and helps banks transact securely, to build trust among their consumers in the digital world.”

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related company information

Vasco

Related blogs

Create a blog about this story (membership required)
Visit http://wup.digitalVisit http://response.ncr.comVisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
Competing in an increasingly competitive spaceCompeting in an increasingly competitive s...
10730 views comments | 1 tweets | 2 linkedin
Revolut launches spare change savings toolRevolut launches spare change savings tool
9321 views comments | 14 tweets | 19 linkedin
Westpac and CommBank hit back at Aus Open Banking plansWestpac and CommBank hit back at Aus Open...
8532 views comments | 9 tweets | 8 linkedin
Barclays Bank sets up tech venture unitBarclays Bank sets up tech venture unit
8075 views comments | 16 tweets | 22 linkedin

Featured job

to $120K base, 200K ote, benefits
New York City, NY - USA

Find your next job