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

Salt Edge report

Discover what is the current state of open banking in Europe

Download now

Related articles

2 min read Mar 2019

Emma partners with Salt Edge with the goal to enlarge its coverage

Emma, the London-based fintech startup, has teamed up with the global data aggregator Salt Edge to allow the app’s users to benefit from more bank connections across the UK and eventually to expand to new countries. Emma is a money management app that gives its users a full picture of…

5 min read Apr 2018

Priora PSD2 & Open Banking Solution demo at Finovate Europe ‘18 | Salt Edge

Salt Edge Inc. showcased the very first live demo of its PSD2 & Open Banking Solution integrated in Norvik Banka. April 6th, 2018 – On the 7th of Match, the second day of Finovate Europe 2018, the ExCel Center hosted 1400+ senior fintech attendees, 300+ major financial institutions representatives, and…

2 min read Aug 2016

Salt Edge Inc. partners with Inverite Verification Inc. | Salt Edge

Inverite Verification Inc. is set to begin using Salt Edge Categorization engine to assist lenders in vetting loans. August, 23th, 2016 – Categorization has always been provided within the Salt Edge’s Spectre API. Now the company introduces the unique possibility to use the categorization engine independently of the data aggregation. Inverite…

2 min read Oct 2017

The Window of Consent | Salt Edge

Salt Edge Inc. makes first steps towards full GDPR compliance by implementing a Consent collection window upon connection. October 9th, 2017 – The General Data Protection Regulation (GDPR) was adopted on 27 April 2016 and will come into force starting with 25 May 2018, after a two year transition period….