Clydestone Ghana, a leading payments system and fintech solutions provider has partnered Thales, 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 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 authentication with a minimum of two factors 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.
According to a statement by Clydestone, TheOne offers cost-effective authentication as a service with end to end authentication capabilities such as One-time Password and transaction signing as a standard function, amongst many other strong authentication features.
It said, “TheOne service platform provides push notification to end customers to remotely sign and confirm transactions. The platform includes Thales Dynamic Code Verification suite ‘Card Not Present’ Security Solution, which replaces the static security cryptogram at the back of the card traditionally requested for online purchases, with a dynamic code displayed on the customer’s mobile application.”
It added that the CCV was “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.
“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,” said Paul Jacquaye, Founder and Group Chief Executive of Clydestone
Also commenting on the acquisition, Nassir Ghrous, SVP Banking and Payments Services for Africa, Middle-East and Eurasia at Thales, added, “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 includes Thales Authentication Mobile App, Mobile security, eCommerce transaction authentication (DCV) and Strong Customer Authentication.”
