Volkswagen AG to use mobile security applications created by OneSpan, the trusted identities, e-signatures and secure transactions software provider.
The bank will use the software to defend financial transactions and help ensure compliance with the EU’s Revised Payment Service Directive’s (PSD2) authentication and dynamic linking requirements.
OneSpan developed the solution by using its mobile security solutions and authentication app. The PhotoTAN-App communicates directly with Volkswagen Bank’s mobile banking app and is used to sign transactions initiated either online or via a mobile device.
“OneSpan has proven to be knowledgeable in all areas, providing us with the necessary advice and the solutions we need to deliver the kind of experience customers request while ensuring PSD2 compliance,” said Andreas Feller, project manager at Volkswagen Bank.
The final stage of PSD2 is scheduled to snap into action by September 14. This will include the introduction of the new strong customer authentication requirements. They will see financial institutions being forced to take more care to ensure the identities of customers paying electronically.
“With PSD2 coming into effect in September, our customers have been turning to us for expertise and innovative solutions,” said Dan Dica, senior vice president of global sales at OneSpan. “Cronto is a unique technology available in the market in that it combines security and support for regulatory compliance with a seamless customer experience. This combination is important because it enables our customers to advance their digital transformation easily and securely.”
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