19
Oct 2017
3 min read
Authenticator App Released | Salt Edge
On the 6th of October Salt Edge has launched an SCA compliant Authenticator App.
October 19th, 2017 – According to the requirements of the SCA, the customer’s identity must be verified by two or more authentication methods: Knowledge, Possession, and/or Inherence.
Electronic remote transactions require an additional layer to the SCA — “Dynamic linking”, which in fact requires banks to add a specific Authentication Code for each online transaction. Such Auth Codes must be generated based on the transaction amount and payee, hence, simple tokens used as two-factor authentication aren’t compatible with the requirements. Additionally, “Dynamic linking” information must be transmitted securely, eliminating any possibility of it being overtaken by a third party.
Salt Edge developed the Authenticator app which handles “Dynamic Linking” as part of the Strong Customer Authentication requirements. It receives the Auth Codes generated by the bank and asks the customer to Allow or Deny authorization. This is necessary to confirm online payments, as well as access to payment accounts for TPPs.
SCA brings advantages to all the parties involved in the financial industry. It will greatly improve online payment security, significantly lowering the possibility of fraud. The ones who stand to benefit the most from mandatory SCA implementation are the end users, as it gives them additional means of control over their money.
“One of the cornerstone values of our company is security. There’s very little we take more seriously than the safety and integrity of the data that was entrusted to us, by our clients and end-users. We’re proud to deliver the Authenticator App which will benefit both of the aforementioned parties.” said Dmitrii Barbasura, Salt Edge’s CEO.
The Authenticator is a white label application, which can be added as separate app or module to an existing banking app or to any financial institution interested in being compliant with SCA in accordance with PSD2. It is available for demo purposes on iOS and Android.
About Salt Edge Inc.
Salt Edge Inc. is a fast-growing innovative company specialized in FinTech. It provides world-leading account data aggregation, customer-oriented money management, and white label banking solutions.
Priora is the pinnacle of Salt Edge technology. A universally compliant PSD2 open banking solution, designed with easy integration in mind, with capabilities for future development, going beyond basic directive requirements.
Salt Edge enables its partners to embrace innovation, driving their businesses to the next level. Spectre API supports over 2600 financial institutions across 60 markets. Salt Edge Inc. was founded in 2013 and is headquartered in Toronto, Canada.
More detailed information about the company and its services can be found at saltedge.com
Phone number: +14378863969
E-mail: press@saltedge.com
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