Home Business NewsBusinessBanking News Clydestone partners with Thales

Clydestone partners with Thales

by Peter Smyth Tech Journalist
30th Jul 20 6:36 am

Clydestone Ghana a leading payments system and fintech solutions provider has partnered with Thales (Euronext Paris: HO) a global leader in digital identities and security to provide TheOne authentication as a service platform.

The platform will offer a multi-tenant ready environment to host financial institutions and payment service providers to offer Strong Customer Authentication (SCA) across multiple channels.

With the rise of digital banking and mobile money services in Ghana and across the region, financial regulators have mandated banks and payment service providers to offer multifactor (MFA) authentication with a minimum of two factor(2FA) to secure customer transactions, and to combat fraud.

Deployment of authentication solutions has been lacking across the financial services industry due to the extremely high costs of acquisition and maintenance. TheOne offers cost effective Authentication as a service with end to end authentication capabilities such as One-time Password (OTP) and transaction signing as a standard function, amongst many other strong authentication features.

TheOne service platform provides push notification to end customers to remotely sign and confirm transactions. The platform includes Thales Dynamic Code Verification (DCV) suite ‘Card Not Present’ Security Solution, which replaces the static security cryptogram (CVV) at the back of the card traditionally requested for online purchases, with a dynamic code displayed on the customer’s mobile application. The CCV is traditionally requested for online purchases but with a temporary and dynamic code it makes it impossible for hackers to reuse stolen static card CVV data for fraudulent transactions. Moreover, end customers can choose to secure the access to their stored cards using a pin code or biometric authentication on their mobile phone.

“TheOne authentication as a service platform will ensure that institutions can offer secure authentication to their customers without incurring infrastructure and licensing costs which can be prohibitive to offering SCA.” Paul Jacquaye, Founder and Group Chief Executive of Clydestone

“The evolution of digital banking and the extension of banking and payment channels create new opportunities for banks in Ghana. Thales is offering a range of solutions in partnership with Clydestone to support the rise of Digital banking needs. The complete offering include Thales Authentication Mobile App, Mobile security, eCommerce transaction authentication (DCV) and Strong Customer Authentication.” Nassir Ghrous, SVP Banking and Payments services for Africa, Middle-East and Eurasia at Thales.

Leave a Comment

You may also like


Sign up to our daily news alerts

[ms-form id=1]