OneSpan integrates with Avaloq to bring fraud detection to more banks
Global fintech leader Avaloq has integrated anti-fraud technology from OneSpan into its cloud-based banking platform to enable banks to secure access, transactions and identities using open APIs.
Avaloq’s software-as-a-service (SaaS) and business-process-as-a-service (BPaaS) solutions for financial institutions have processed more than $4.5 trillion in assets, and its customers include HSBC, Barclay’s, Royal Bank of Scotland, Deutsche Bank, and Societe General, according to the announcement. Integrating OneSpan allows them to easily add mobile authentication, transaction signing, and multifactor authentication to their services, helping to prevent account takeover, mobile malware, social engineering, and other attacks.
The partnership builds on OneSpan’s strategic global alliances program to connect leading integrators and third-party technologies with the OneSpan Trusted Identity (TID) platform. By bringing together OneSpan’s portfolio of security technologies, TID enables real-time fraud detection through its cloud-based, open API platform. OneSpan’s Intelligent Adaptive Authentication was named the Best Fintech Solution at the 2019 SIIA CODiE Awards for its real-time fraud detection capabilities weeks ago.
OneSpan’s solutions will be available through the avaloq.one platform. Avaloq CEO Thomas Beck says the partnership will allow it to provide innovative solutions to help banks and wealth managers lower the time and cost of implementations.
“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,” says OneSpan Vice President of Global Alliances Xavier Juredieu. “We have already seen quick adoption in Switzerland and Germany and will soon expand worldwide to meet the needs of Avaloq’s customers.”