FSS and Okay Partner to Strengthen Authentication for Digital Transactions
Wednesday, January 6, 2021 Oslo, Norway & Chennai, Tamil Nadu, India: FSS Technologies (Financial Software and Systems), a global payments technology company and Okay announced today their partnership to provide focused authentication security to consumer payments - specifically transaction validation and authentication on mobile.
FSS is already growing its business opportunities in Europe through its next generation products technology and solution offerings. As a market leader in payments, the company is focusing on leveraging its global expertise to deliver new propositions in the areas of Prepaid, Debit and Credit Card Management, Omni-channel Acquiring, AI-based Payments, Strong Customer Authentication, and Smart Reconciliation solutions.
With Strong Customer Authentication (SCA) projects undertaken globally with particular emphasis in Europe, this partnership will enable FSS to further its footprint within SCA support and ensure that customer’s own authentication capabilities are future-proofed to meet not only the demands of regulators but ever sophisticated fraudsters. As recently highlighted by the UK Consumer Association[i], there are ever increasing numbers of at-risk devices globally and with the demands generated through the adoption of the PSD2 measures, the correct management of SCA is of growing importance.
Said Fabien Ignaccolo, CEO Okay speaking on the occasion, said: “It’s within our DNA to continuously power our offering and we do this by bringing the best tech vendors on board as partners. FSS is an obvious choice; they are aligned with our values, are a globally established player and can provide their expertise to help us execute – rapidly – for our customers. By blending our know-how in the mobile-SCA area with FSS’ own offering we can super-power our approach and go beyond ‘just securing the transaction info and authentication’ to the refinement of the A to Z of the customer payment experience.”
“The adoption of Strong Customer Authentication (SCA) remains a critical success factor in Europe’s growing digital payments landscape,” commented Simeon Miles, FSS’ Head of UK, Ireland and Nordics. “But with the adoption of SCA in a constant state of evolution – as evidenced by the latest recommendations surrounding OTP and Mobile, it’s vital that our customers are ahead of the curve with the solution that we provide. Our partnership with Okay, with their expertise in the SCA mobile space, fully rounds out our offering and makes for a compelling proposition here in Europe.”
Together, both parties will work towards protecting consumers’ online and mobile purchases. By optimising the customer experience and enabling effortless payments, issuers can improve revenues whilst further assured security improves the basket size of transactions.
Simeon adds, “With our authentication headset and know-how, as best illustrated by our Secure 3D offering and Okay’s future-proofed algorithmic based offering, this partnership will give our clients a competitive edge in customer experience, ultimately reducing false positives (including the dreaded cart abandonment) whilst maintaining the lowest possible fraud level.”
The partnership with Okay is already creating attention from their joint customer base and will be “an exciting partnership with an unrivalled offering”, according to the Emerging Payments Association, Director General, Tony Craddock.
Financial Software and Systems (www.fsstech.com) is a leader in payments technology and transaction processing. The company offers an integrated portfolio of software products, hosted payment services and software solutions built over 29+ years of experience. FSS, end-to-end payments products suite, powers retail delivery channels including ATM, POS, Internet and Mobile as well as critical back-end functions including cards management, reconciliation, settlement, merchant management and device monitoring. Headquartered in Chennai, India, FSS services leading global banks, financial institutions, processors, central regulators and governments across North America, UK/Europe, ME/Africa, and APAC and has 2,500 experts on-board.
For more information visit www.fsstech.com
Okay is the fully compliant « Strong Customer Authentication » platform that provides transaction and authentication security via banking apps. Okay helps all European issuers, eWallet providers and remittance services comply with PSD2 SCA’s requirements to deliver both authentication methods- including biometrics for frictionless journeys- and strong security at the point of transaction by integrating security services to their apps. Okay’s unique security mechanisms shield the authentication process during in-app transaction from any cyber-attacks, however sophisticated they may be. With Okay SCA in place, end-users can be sure that the transaction information they see in the app is the right one to validate.
For more information visit www.okaythis.com