MYPINPAD to offer financial institutions app development sandbox with AimBrain biometrics
Multi-factor authentication (MFA) provider MYPINPAD has partnered with AimBrain to offer financial institutions a secure sandbox environment in which to develop PSD2 compliant solutions, with facial biometrics providing a second factor to meet Strong Customer Authentication (SCA) requirements.
Financial institutions can use the MYPINPAD authenticator platform as a secure enclave for the rapid and secure design and implementation of payment applications for Android and iOS via the MYPINPAD API. This gives financial institutions the ability to operate an online purchasing environment that securely accepts PIN entry on common smart devices, such as phones and tablets, and is compliant with PCI and PSD2 regulations, according to the announcement. The integration of AimBrain facial authentication gives the MYPINPAD solution a three-factor combination, along with the user’s phone providing a possession factor and PIN entry acting as a knowledge factor.
The European Banking Authority’s (EBA’s) Regulatory Technical Standards (RTS) describe MFA but do not specify how to implement it, and MYPINPAD says this lack of clarity could increase costs for service providers and banks that struggle to meet the new requirements. While the regulatory deadline is still six months away, financial institutions were required to have open APIs ready for testing by March 14.
“We are delighted to be working with MYPINPAD to help organisations simplify stronger user authentication,” says AimBrain Chief Commercial Officer Antony Bream. “PSD2 requirements have encouraged many financial institutions to refresh their entire authentication approach, and our collaboration with MYPINPAD offers the perfect way to test and implement a compliant-ready solution.”
AimBrain said late last year that it was on track to reach 100 applications for its AimBrain On Demand self-service biometric API dashboard.
Recent research from iovation and Aite Group indicates that biometric authentication is likely to increase as businesses in Europe scramble to meet the SCA requirements of PSD2.