Giesecke+Devrient enables banks to offer personalised digital services

Friday 5 August 2022 11:07 CET | News

Giesecke+Devrient (G+D), a Germany-based company that offers security technologies, has announced it is now enabling banks to offer their customers personalised digital services in a phygital ecosystem.

The supporting cloud environment including Application Programming Interfaces (APIs) have now received the highest certification level for digital payment services, as mentioned in the official press release.

With G+D’s cloud-based APIs, banks can provide personalised digital experiences to their customers using real-time data. Use cases include enabling cardholders to have a digital copy of their card on their smartphone, or to track the status of an applied-for card in real time. Activating the card then no longer requires a PIN by letter or call center – thanks to user-friendly and secure remote authentication, customers can activate their card from anywhere.

Banks can realise such services, thanks to G+D’s API platform being PCI-DSS certified, in a highly secure cloud environment. The API platform supports a wide range of bank cards and smartphones and integrates with existing applications and systems. The API platform not only helps banks to meet their customers' expectations, but also to provide security and to minimise the risks of card theft and fraud.

G+D, a company that offers security technologies, now enables banks to offer their customers personalised digital services in a phygital ecosystem.

Retail banks going digital

Consumers are increasingly demanding digital access to financial services as and when required. While neobanks and fintechs are already focusing on fulfilling these demands, digital transformation is ramping up also at retail banks. Phygital offerings – combining physical customer touchpoints such as cards with digital tools – accelerate this transformation.

As explained by G+D officials, for retail banks and their service providers, API services are a necessary tool, both to compete in a competitive market, often against young and digital-only competitors, and to offer the services that customers demand today.

A recent survey of global banking executives by the IBM Institute for Business Value revealed that nearly 60% of respondents said that the boundaries between industries are blurring, and more than 60% saw competition coming from new and unexpected places like startups, internet giants, and industries outside of banking, along with increased regulations.

According to Cornerstone Advisors’ ‘2022 What’s Going on in Banking’ study, by the end of 2022, just 11% of banks and 4% of credit unions will not have launched a digital transformation strategy.

What does the PCI-DSS certification mean?

The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards formed in 2004 by Visa, Mastercard, Discover Financial Services, JCB International, and American Express. Governed by the Payment Card Industry Security Standards Council (PCI SSC), the compliance scheme aims to secure credit and debit card transactions against data theft and fraud.

A PCI-compliant security provides an asset that informs customers that a business is safe to transact with.

Since its formation, PCI DSS has gone through several iterations to keep up with changes to the online threat landscape. While the basic rules for compliance have remained constant, new requirements are periodically added.

The PCI DSS applies to all entities that store, process, and/or transmit cardholder data. It covers technical and operational system components included in or connected to cardholder data. 

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Keywords: cloud, digital banking, banks, API, digital payments
Categories: Fraud & Financial Crime
Companies: Giesecke+Devrient
Countries: World
This article is part of category

Fraud & Financial Crime


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