OneSpan to acquire ProvenDB

Monday 30 January 2023 07:56 CET | News

Digital agreement security company OneSpan has announced the decision to acquire Australia-based startup ProvenDB to provide security for high-insurance documents.

Following this acquirement, the capabilities of OneSpan’s Transaction Cloud Platform will be extended to ProvenDB on both public and private blockchains. Furthermore, this aims to serve as a modern technological foundation for customers and assurance business processes for the Web3 platform. 

OneSpan’s platform will be combined with ProvenDB’s blockchain-based technology that delivers secure storage and vaulting for documents and files. This will provide merchants and businesses with an integrated end-to-end assurance model which will include artifacts that require high levels of compliance and assurance, as well as a secure repository for documents. 

The terms of the agreement were not disclosed, while the acquirement process is anticipated to close in the first quarter of 2023. 

Digital agreement security company OneSpan has announced the agreement to acquire Australia-based startup ProvenDB to provide a trust model for contracts.

OneSpan’s strategy

US-based publicly traded cybersecurity technology company, OneSpan offers its customers numerous services and solutions. Those include digital identity verification services, secure, passwordless experiences, secure document esingning, pre-built esign integration, mobile application security, as well as social engineering fraud mitigation. 

The company offers organisations and businesses the possibility to accelerate the process of digital transformation by enabling compliant, safe, and efficient customer agreements and transactions experiences. The services provided by OneSpan simplify and secure business processes with partners and clients, while keeping in mind their needs and requirements such as high assurance security, the fidelity of transaction records behind every agreement, and the integrity of end-users. 

The company announced the launch of its Virtual Room cloud service that enables organisations to deliver live, secure, and high-quality assistance to customers in September of 2022. The solution allows companies to balance authentication, identity security, as well as e-signature services from OneSpan’s portfolio. Furthermore, it ensures a high virtual experience for a smoother onboarding process and organisational meetings. 

OneSpan aimed to boost digital-first transaction experiences by offering customised, human-assisted interactions, as well as delivering an improved customer experience and increasing agreement completion rates. This helped with the security services, including mitigating risks associated with the digital industry. 

Earlier that month, the company expanded its OneSpan Cloud Authentication with BankID, in order to meet compliance standards within the Norwegian national infrastructure. Issued through multiple banks and merchants, such as tax authorities, education institutions, and real estate agents, BankID is currently used widely as a personal e-ID that offers secure and simple identity authentication and digital signing in Norway. 

OneSpan’s Cloud Authentication service is a cloud-based solution designed to enable companies worldwide to connect to high-security orchestrated authentication services while archiving complete user base coverage. The collaboration allowed digital interactions to be delivered with the security services through mobile identity provisioning, transactions, user authentication, and digital signing. The Cloud Authentication service of OneSpan, combined with the Mobile Security Suite and App Shielding technologies, currently helps secure Norway’s digital identity applications. 

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Keywords: acquisition, ecommerce, payments , risk management, fraud management, fraud detection, digital payments
Categories: Fraud & Financial Crime
Companies: onespan, ProvenDB
Countries: United States
This article is part of category

Fraud & Financial Crime




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