Volkswagen Bank, a wholly-owned subsidiary of Volkswagen AG, will leverage technology from OneSpan to secure its transactions and ensure PSD2 compliance. The bank announced today that it will protect its standalone mobile authentication app, PhotoTAN app, with OneSpan’s mobile SDK, Mobile Security Suite.
The SDK also enables the app to take advantage of OneSpan’s Cronto technology, which ensures banks comply with PSD2 requirements with regard to authentication and dynamic linking. Cronto offers a patented visual transaction signing solution that uses a graphical cryptogram of colored dots to encrypt transaction data. The technology provides banks with a strong defense against a variety of cyberthreats, including account takeover and man-in-the-browser Trojan attacks.
“Cronto is a unique technology available in the market in that it combines security and support for regulatory compliance with a seamless customer experience,” OneSpan SVP of Global Sales Dan Dica said. “This combination is important because it enables our customers to advance their digital transformation easily and securely.”
Citing customer demand and new regulation as key drivers of change in the financial industry, Volkswagen Bank Project Manager Mario Bandau praised OneSpan as a company that has “proven to be knowledgeable in all areas.” Bandau credited the firm for “providing us with all the necessary advice and the solutions we need to deliver the kind of experience customers request while ensuring PSD2 compliance.”
With more than €83 billion in assets and deposits of more than €32 billion, Volkswagen Bank is one of the leading direct banks in Germany. Founded in 1949, the bank provides new and used vehicle financing for Volkswagen brands, as well as direct banking and dealer financing. The firm’s PhotoTAN app, available on both iOS and Android, uses facial biometrics to authenticate and sign transactions whether those transactions are started online or on the mobile device.
OneSpan made its most recent Finovate appearance (as VASCO) at FinovateEurope 2017, demonstrating its Smile & Sign mobile onboarding solution. The technology provides institutions with a secure, easy-to-use, compliant way to onboard customers via their mobile devices using biometrics, push notifications, visual cryptograms, and e-signatures.
OneSpan has been in the fintech headlines frequently of late. In June, the company won the SIIA CODiE Award for Best Fintech Solution for its Intelligent Adaptive Authentication technology. That same month, OneSpan announced a partnership with Belgian online lender Buy Way, and launched its Secure Agreement Automation cloud solution for digital account opening.
With a market capitalization of $542 million, OneSpan trades on the NASDAQ under the ticker OSPN.
The new Secure Agreement Automation cloud solution from OneSpanoffers fully-digital account opening while fighting application fraud. Launched this week, the technology leverages open APIs to deliver identity verification, eSignature, workflow, and an end-to-end audit trail in a single account opening solution.
“The battle for banking consumers is being waged based on the quality of the digital experience, which demands both ease of use to reduce abandonment rates and strong security to lessen account fraud,” OneSpan CEO Scott Clements explained. “Secure Agreement Automation represents the fulfillment of OneSpan’s promise to help financial institutions reduce costs and increase growth by establishing trusted identities, devices, and transactions throughout the customer journey.”
The cloud-based solution automates new customer acquisition, identifying qualified customers by running applications through its identity verification hub. This hub relies on credit checks, multifactor authentication, and biometric tools like facial recognition to limit false positives and customer abandonment. The connection to OneSpan’s Trusted Identity (TID) platform means FIs can add capabilities like risk analytics and intelligent adaptive authentication.
Aite Group Fraud and AML practice Research Director Julie Conroy called OneSpan’s Secure Agreement Automation offering part of a “win-win” set of solutions that companies are providing to banks to make customer onboarding faster and more secure. “Even as application fraud attacks continue to escalate, research shows that improving the customer experience continues to be the number one drive of business cases as financial institutions invest in new account onboarding solutions,” Conroy said.
With 10,000+ customers, including more than half of the top 100 global banks, OneSpan rebranded from VASCO back in May of last year. As VASCO, the company participated in FinovateFall 2017, demoing digital lending and document management technology from its recent acquisition eSignLive.
Last month, OneSpan picked up the 2019 Global Customer Value Leadership Award from Frost & Sullivan for its Intelligent Adaptive Authentication solution. Also in May, the company announced that the largest community bank in the Washington, D.C. metro area, EagleBank, had deployed OneSpan’s mobile authentication technology. Other 2019 partnerships for the company include collaborations with United Bulgarian Bank and cloud portal ezidox.
Headquartered in Chicago, Illinois, OneSpan is a publicly-traded company on the Nasdaq exchange under the ticker OSPN. The company has a market capitalization of $557 million.
Security and esignature company OneSpan (formerly known as VASCO) announced a partnership today with authentication company Nok Nok Labs, one of the founding organizations of the FIDO Alliance.
Under the deal, OneSpan and Nok Nok will launch a joint solution that combines OneSpan’s Mobile Security Suite with Nok Nok’s S3 Authentication Suite, a set of tools that help companies comply with FIDO standards by leveraging multi factor biometric authentication technology. The low-friction solution offers phishing-resistance technology including geolocation, jailbreak and rootkit detection, device binding, device identification, and application shielding with Runtime Application Self-Protection (RASP).
Nok Nok Labs CEO and President Phillip Dunkelberger explained that while consumers are searching for a low-friction experience, financial services companies need to address regulatory requirements such as GDPR and PSD2. “What better way to address these market demands than by combining the industry leader in financial services with innovation that includes a FIDO standards-based approach that won’t compromise on security, privacy and regulatory compliance,” He added, “Nok Nok and OneSpan is a sum greater than the parts.”
Hinting at future plans for OneSpan, the press release said the partnership with Nok Nok “will help support OneSpan’s launch of additional software, server and SDK support for the FIDO2 protocol later this year, complementing OneSpan’s existing support for FIDO standards through its Digipass SecureClick device and upcoming launch of the Digipass 785.”
At FinovateFall 2017, OneSpan presented under the name VASCO, debuting the OneSpan Sign (then eSignLive) Digital Lending Solution. The solution leverages the blockchain and e-signature capabilities to offer a compliant, digital lending solution. OneSpan boasts more than 10,000 customers, including more than half of the top 100 global banks. Scott Clements is CEO.
Business solutions company VASCO is making a major pivot today, along with a fully-fledged rebrand, as well as an acquisition to support the company’s new objectives.
VASCO, now known as OneSpan, has narrowed its focus to become an anti-fraud platform. OneSpan will trade on NASDAQ under the ticker symbol “OSPN.” It is expected to begin trading on Monday, June 4.
OneSpan offers a Trusted Identity platform (TID), an API-based solution that aims to reduce fraud associated with onboarding and transactions while offering an enhanced experience for the end user. TID’s new Intelligent Adaptive Authentication reviews and scores data pulled from user behavior, devices, and transactions to offer a real-time view of user security without interfering with the user experience.
“The launch of our Trusted Identity platform provides a single foundation that spans the needs of our customers today and into the future while our name change underscores a generational evolution in our strategy,” said OneSpan CEO Scott Clements. “We listened closely to the challenges our customers are facing and identified a significant gap between customer needs and solutions available in the market. OneSpan is addressing this gap by delivering a much needed and innovative approach to reducing the billions of dollars banks are losing annually to fraud.”
Bolstering today’s transition is OneSpan’s acquisition of Dealflo for $54.5 million (£41 million). Founded in 2009 and headquartered in the U.K., Dealflo offers configurable onboarding solutions to financial services clients. The company has partnerships with Equifax, TransUnion’s iovation, Mitek, and VASCO’s eSignLive (now OneSpan Sign).
“This acquisition will enable us to grow our subscription revenue and Dealflo’s technology will be a major differentiator for our eSignLive solution,” said Clements. “In addition, Dealflo’s identity verification capabilities will allow us to accelerate the launch of our TID platform based onboarding, identity and anti-fraud solutions.”
Dealflo has operations across North America and EMEA, and is headquartered in London. The Dealflo team will join OpenSpan, working to bring Dealflo’s solutions into new geographic markets.
OneSpan presented as VASCO at FinovateFall 2017 in New York. The company debuted the OneSpan Sign (then eSignLive) Digital Lending Solution. The solution leverages the blockchain and e-signature capabilities to offer a compliant, digital lending solution. Last month, the company teamed up with Finovate alum nCino to offer nCino clients access to an electronic signature solution.