Fintech firm Avaloq has partnered with cybersecurity technology company OneSpan to enable its banking clients better tackle financial frauds and malware attacks.
Under the arrangement, Avaloq integrated OneSpan-developed solutions into its cloud-based banking platform.
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The integration will enable Avaloq’s banking clients to connect OneSpan’s anti-fraud solutions to their core banking systems using open APIs.
It will enable the banks to add mobile authentication, transaction signing and multifactor authentication to secure access and transactions.
The move is also expected to help banks thwart account takeover, social engineering and other attacks.
Avaloq CTO Thomas Beck said: “We are happy to strengthen our ecosystem by partnering with an industry leader like OneSpan.
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By GlobalData“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 solutions will be available through avaloq.one, a recently launched intuitive and collaborative platform. It connects fintechs and their solutions with financial institutions leveraging the Avaloq Banking Suite.
OneSpan vice-president of global alliances Xavier Juredieu said: “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.”
Avaloq platform is used by various banking majors including HSBC, Barclays, RBS, Deutsche Bank and Societe Generale.
