nsKnox and consulting firm KPMG have agreed a strategic partnership to form KPMG Secure Payments.

nsKnox is an Israel-based start-up cyber security company focused on corporate payment security.

In particular, nsKnox provides innovative data security and corporate payment protection solutions. These include a breakthrough Cooperative Cyber Security (CCS) technology.

The technology is based on a new model which combines the individual cyber security capabilities of a number of secured organisations and networks. This makes hacks significantly more challenging than just penetrating a single organisation.

As a result of the deal KPMG Israel will be global distributor and service provider of KPMG Secure Payments.

The offering combines KPMG’s compliance, controls, and cyber security consulting with nsKnox’s technology. The aim is to detect and prevent payment fraud in real time.

RBI European Awards: win for IDB nsKnox fintech partnership

At the RBI European Awards in Prague on 14 November Israel Discount Bank won the award for best fintech partnership. The award recognised IDB for its business partnership with promising Israeli startup nsKnox.

Moreover, the partnership allows IDB to leverage its unique assets to form a new line of business.

Furthermore, IDB is monetising its operational assets and turning existing infrastructure, into a new revenue stream.

In addition to Israel Discount Bank, Microsoft Ventures and Viola Ventures are backing nsKnox.

KPMG Secure Payments USP

According to KPMG Secure Payments its solution uniquely addresses “key vulnerabilities in the payment chain: payment processes and supplier verification.”The solution provides access to nsKnox’s suite of services. These enhance existing payment infrastructures with sophisticated security controls that flag and block fraud attempts in real-time.

KPMG Secure Payments also includes advanced payment verification and data protection, risk and policy checks, “Know Your Supplier” verification processes, and a secure Global Payee Repository. The anti-fraud, cyber security solution can be implemented with any company ERP. This provides extensive verification for every transaction while eliminating overhead, fraud, and human error.

“The corporate world continues to struggle with rising levels of cyber fraud. This significantly affects their businesses,” says nsKnox founder and CEO, Alon Cohen. “Thanks to this alliance with KPMG, companies will be able to bolster their corporate fraud defences. Together, we are pushing cyber security boundaries to create a more secure future for businesses worldwide.”