Bank of Cyprus tightens app security to meet PSD2 requirements

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.”

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