Cybersecurity company OneSpan teams up with FinTech firm Avaloq to prevent fraud

Avaloq, the FinTech company, has integrated Chicago-based OneSpan, the enterprise offering a cloud-based anti-fraud platform, into its cloud-based banking platform.

The hope of the two companies is that it will be easier for banks to use OneSpan’s anti-fraud solutions as part of their core banking systems. Using the application programming interface (API), banks will be able to secure access, transactions and identities more efficiently.

Avaloq today counts HSBC, Barclays, Royal Bank of Scotland, Deutsche Bank and Societe Generale among its client. All of these will now have access to OneSpan’s anti-fraud solutions through, Avaloq’s intuitive and collaborative platform designed to connect FinTechs companies and their solutions with financial institutions using the Avaloq Banking Suite.

“We are happy to strengthen our ecosystem by partnering with an industry leader like OneSpan,” said Thomas Beck, CTO at Avaloq. “Thanks to this joint power, we are able to better serve our clients with innovative solutions that help banks and wealth managers reduce the time and cost of an implementation.”

Commenting on the team-up, Xavier Juredieu, vice president of global alliances at OneSpan, said: “Avaloq is a strategic fit for OneSpan given our crossover in customer accounts, mutual focus on financial institutions and the increased demand for embedding our security solutions in core banking platform services. We have already seen quick adoption in Switzerland and Germany and will soon expand worldwide to meet the needs of Avaloq’s customers.”

This is not the first time Avaloq has teamed up with other companies. In July 2018, it made NetGuardians, the RegTech 100 company that provides a machine learning risk platform, an Avaloq certified software partner for real-time fraud prevention.

Moreover, Avaloq has previously made the RegTech Analyst headlines by picking up a 10 per cent stake in Metaco, a cryptocurrency wallet management system.

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