Kobil Systems, a Germany-headquartered IT security company, has unveiled a new security solution that complies with the new Payment Services Directive 2 (PSD2).
The company claims the new solution will help banks and financial institutions to meet and successfully implement the strict requirements of the updated EU directive, which was introduced earlier this month.
PSD2 has fundamentally changed security requirements, with two-factor authentication now a prerequisite for electronic payment transactions in the European payments area. This is intended to ensure greater customer security.
In response, Kobil has developed ‘The Dual 7 Layers of Security approach’, which secures the identity of end users at seven different levels, making any kind of fraud attempt almost impossible. The foundation of the approach is KOBIL’s mIDentity Application Security Technology (mAST).
With mAST, KOBIL offers an end-to-end security platform for customer authentication and authorisation using trusted identities for continuous, binding and reliable communication between banks, third parties and their customers. While its time-tested and market-proven Public Key Infrastructure (PKI) solution uses advanced shielding, protection, prevention, detection and reporting mechanisms.
Ismet Koyun, founder and CEO of KOBIL Systems, said: “PSD2 will completely change the way a bank’s customers pay. The industry cannot ignore these facts. Just as Industry 4.0 has had a major impact on the industrial sector, these EU regulations will revolutionise the entire financial sector.”
“As a technology partner with over 30 years of experience and expertise in the IT security sector, the Dual 7 Layers of Security approach is our response to the hurdles and opportunities presented by the updated EU guidelines. We would like to communicate this answer together with our partners throughout Europe. At its core, PSD2 enables banks to create exciting new business models.”
The Open Banking Implementation Entity (OBIE) recently expanded its functionality to cover all PSD2 products. Last year, The Bank of Cyprus integrated VASCO Data Security International’s DIGIPASS for Apps in order meet PSD2 requirements. While, 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.
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