Bank of Cyprus prepares for PSD2 by integrating with DIGIPASS for Apps

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fintech insurtech wealthtech regtech ai cybertech esg news

The Bank of Cyprus has integrated VASCO Data Security International’s DIGIPASS for Apps in order meet PSD2 requirements.

VASCO, a provider of digital solutions including identity, security and business productivity, said the bank has secured access and transaction signing on its mobile and online banking application through using DIGIPASS for Apps.

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

The second Payment Services Directive requires payment service providers (PSPs) to make a significant number of changes to existing operations by 13 January 2018.

DIGIPASS for Apps is a software development kit with a library of APIs, integrating application security, biometric authentication, risk analysis and more into mobile applications.

It combines with Virtual DIGIPASS, which generates a transaction specific one-time password via SMS, to help banks meet the directive’s requirements for customer authentication and transaction signatures that include transaction data.

Along with addressing PSD2 requirements, the Bank of Cyprus will also implement VASCO products to improve security and user experience.

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

The company enables more than 10,000 customers in 100 countries in financial, enterprise, government, health care and other segments to achieve their digital agenda, deliver an enhanced customer experience and meet regulatory requirements. According to the company, more than half of the top 100 global banks rely on its solutions to protect their online, mobile and ATM channels.

Earlier this month, London-based Fiorano Software launched a new platform solution to help banks to comply with the European Union’s Revised Payment Service Directive (PSD2) regulations. While iSignthis, a company specialising in identity verification and payment authentication, recently placed up to A$6.5m to investors in a move to “satisfy EU PSD2 ‘own funds’ Article 9 requirements”.

Copyright © 2017 FinTech Global

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