OneSpan (NASDAQ: OSPN), a company that offers software for trusted identities, e-signatures and secure transactions, announced on Tuesday it has formed a new partnership with Avaloq, a global fintech and provider of software as a service (SaaS) and business process as a service (BPaaS) solutions, to help financial institutions prevent fraud.
According to OneSpan, Avaloq has integrated OneSpan solutions into its cloud-based banking platform. The company claimed that with the integrations make it faster and more convenient for banks to connect OneSpan’s anti-fraud solutions to their core banking systems using open APIs to secure access, transactions and identities.
“OneSpan’s solutions now form part of Avaloq’s overall authentication solution and are integrated into Avaloq’s platform, which is used by top banks including HSBC, Barclays, Royal Bank of Scotland, Deutsche Bank and Societe Generale. OneSpan’s integration allows banks to easily add mobile authentication, transaction signing and multifactor authentication.”
Speaking about the partnership and integration, Avaloq CTO, Thomas Beck, stated:
“We are happy to strengthen our ecosystem by partnering with an industry leader like OneSpan. Thanks to this joint power, we are able to better serve our clients with innovative solutions that help banks and wealth managers reduce the time and cost of an implementation.”
OneSpan’s Vice President of Global Alliances, Xavier Juredieu, went on to add:
“Avaloq is a strategic fit for OneSpan given our crossover in customer accounts, mutual focus on financial institutions and the increased demand for embedding our security solutions in core banking platform services. We have already seen quick adoption in Switzerland and Germany and will soon expand worldwide to meet the needs of Avaloq’s customers.”