Clydestone, Thales partner to offer authentication as a service platform

Monday 3 August 2020 12:29 CET | News

Ghana-based payments system and fintech solutions provider Clydestone has partnered with Thales to provide an authentication as a service platform.

According to AfricanNews, the platform, called TheOne, will enable financial institutions and payment service providers to offer Strong Customer Authentication (SCA) across multiple channels. Moreover, the solution comes as the rise of digital banking and mobile money services in Ghana and across the region, forced 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.

Consequently, 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, among other strong authentication features. Furthermore, the platform enables push notification to end customers to remotely sign and confirm transactions. 

Besides, the offering integrates Thales' Dynamic Code Verification (DCV) suite that fights card-not-present (CNP) fraud. The feature replaces the static security cryptogram (CVV) with a dynamic code displayed on the customer’s mobile application, as a temporary and dynamic code makes it impossible for hackers to reuse stolen static card CVV data for fraudulent transactions. 

Additionally, end customers can choose to secure the access to their stored cards by using a PIN code or biometric authentication on their mobile phone, AfricanNews reported.

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Keywords: Clydestone, Thales, TheOne, Ghana, payment service providers, Strong Customer Authentication, SCA, multifactor authentication, MFA, 2FA, transactions , one-time password, OTP, Thales Dynamic Code Verification, DCV, card-not-present, CNP, static security cryptogram, CVV, dynamic code, PIN, biometric authentication
Categories: Fraud & Financial Crime
Countries: Ghana
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Fraud & Financial Crime

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