Entersekt announces authentication integrations for financial institutions

South Africa-based biometric authentication provider Entersekt has announced integrations with ebankIT’s omnichannel banking platform and Plata’s recently released credit card.

ebankIT integrates Entersekt’s Context Aware authentication

At Money20/20 USA, Entersekt and ebankIT announced an integrated product that adds Entersekt’s biometrics-powered Context Aware authentication solution to ebankIT’s omnichannel banking platform to provide financial institutions using the platform with a more secure alternative to authentication in comparison to one-time passcodes.

Context Aware authentication protects against account takeover, ACH and wire fraud, among others. ebankIT is an omnichannel digital banking platform that can integrate with any core system and allow financial institutions to customize their customer journey and implement the modules they choose.

By integrating Entersekt’s authentication, the integrated services combine fraud detection with user experience, ultimately powering banks and credit unions using the platform to provide a frictionless user experience to their customers.

Plata selects Entersekt 3-D Secure payment authentication

Mexican financial platform Plata has announced it chose Entersekt as its 3-D Secure payment authentication provider to protect its new Plata credit card.

The Plata Card gives users up to 5 percent cashback on purchases and offers a payment period of up to 60 days. With Entersekt, Plata will now enable risk-aware low friction payment authentication, which will provide a transaction success rate 18 percent higher than the European average, according to the joint announcement.

3-D Secure is a regulatory requirement in many regions but not in the Americas. Still, the standard is seeing an uptake in the region regardless as it is expected to boost customer trust.

Findings from Juniper Research indicate that ecommerce fraud is expected to surpass $48 billion this year. By far, North America sees a disproportionate amount of fraud, comprising 42 percent of the world’s fraud by value despite representing less than 7 percent of the world’s banked individuals.

Moreover, a national survey on financial inclusion found that only 10.5 percent of the Mexican population between the ages of 18 and 70 owns a credit card. Plata’s services combined with Entersekt’s authentication can improve financial inclusion, combat fraud, and streamline customer experiences.

The integration’s customer step-up response consistently meets the industry’s targeted best time of 4 seconds. The system also gives clients the control over customer experience.

“Partnering with Entersekt means we get the most advanced payment and authentication stack that provides a protection layer beyond just 3-D Secure,” says Plata Chief Business Development Officer Alexander Bro.

Entersekt also recently announced that integrated mobile app biometric authentication is available for financial institutions that use the Q2 Digital Banking Platform.

Article Topics

banking  |  biometric authentication  |  biometrics  |  Entersekt  |  fraud prevention  |  mobile app