Largest Bank in Cyprus Integrates VASCO’s DIGIPASS for Apps as Part of PSD2 Requirements
Regulatory compliance and customer experience major drivers in the bank’s selection of VASCO products
OAKBROOK TERRACE, IL and NICOSIA, CYPRUS – November 22, 2017 – VASCO® Data Security International, Inc., a global leader in digital solutions including identity, security and business productivity, today announced that Bank of Cyprus, the country’s largest bank, has secured access and transaction signing on its mobile and online banking application using DIGIPASS® for Apps. This solution enables the bank to take steps toward meeting the authentication requirements issued by the European Banking Authority (EBA) in the upcoming Payment Services Directive (PSD2) regulation.
DIGIPASS for Apps, a comprehensive software development kit with a library of APIs, natively integrates application security, biometric authentication, risk analysis and more into mobile applications. In combination with Virtual DIGIPASS, which generates a transaction specific one-time password via SMS, the two solutions help banks meet the Directive’s requirements for customer authentication and transaction signatures that include transaction data.
In addition to addressing PSD2 requirements, the Bank of Cyprus has implemented VASCO products to improve security and user experience as its customer base makes a strong shift toward transacting on mobile devices. Using DIGIPASS for Apps, the bank has integrated push notifications, TouchID and CRONTO® QR codes to enable fast, yet secure mobile banking, making account access and transaction signing easy.
“With VASCO’s help, we are able to take steps toward meeting the EBA requirements while at the same time enhancing the security and improving the online and mobile banking experience for our customers,” said Bank of Cyprus Director Consumer & SME Banking, Charis Pouangare. “By partnering with banking industry leader VASCO and integrating their solutions, we brought in the best security to help our customers feel confident their banking applications are protected.”
“With the increasing regulatory requirements and the growing need for improved customer experience, banks face challenges on how to develop an effective compliance strategy,” said VASCO Chief Executive Officer, Scott Clements. “Our technology addresses both of these concerns and helps banks transact securely, to build trust among their consumers in the digital world.”
For more information on how banks can comply with PSD2, please download the PSD2 white paper.
The Bank of Cyprus Group is the leading banking and financial services group in Cyprus, providing a wide range of financial products and services which include retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, life and general insurance. The Bank of Cyprus Group operates through a total of 127 branches, of which 122 operate in Cyprus, 1 in Romania and 4 in the United Kingdom. Bank of Cyprus also has representative offices in Russia, Ukraine and China. The Bank of Cyprus Group employs 4,302 staff worldwide. At 31 March 2017, the Group’s Total Assets amounted to €22.5 bn and Total Equity was €3.1 bn. The Bank of Cyprus Group comprises Bank of Cyprus Holdings Public Limited Company, its subsidiary Bank of Cyprus Public Company Limited and its subsidiaries.
VASCO is a global leader in delivering trust and business productivity solutions to the digital market. VASCO develops next generation technologies that enable more than 10,000 customers in 100 countries in financial, enterprise, government, health care and other segments to achieve their digital agenda, deliver an enhanced customer experience and meet regulatory requirements. More than half of the top 100 global banks rely on VASCO® solutions to protect their online, mobile and ATM channels. VASCO’s solutions combine to form a powerful trust platform that empowers businesses by incorporating identity, fraud prevention, electronic signatures, mobile application protection and risk analysis. Learn more about VASCO at VASCO.com and on Twitter, LinkedIn and Facebook.
Copyright © 2017 VASCO Data Security, Inc., VASCO Data Security International GmbH. All rights reserved. VASCO®, CRONTO® and DIGIPASS® are registered trademarks of VASCO Data Security, Inc. and/or VASCO Data Security International GmbH in the U.S. and other countries.
VASCO Media Contact:
Frauke De Graeve
+32 497 14 80 47