Bank of Cyprus has selected new security and risk technology as it looks to meet the authentication requirements issued by the European Banking Authority (EBA) in regards to the upcoming Payment Services Directive (PSD2) regulation.

Bank of Cyprus has secured access and transaction signing on its mobile and online banking application using Vasco’s DIGIPASS for Apps solution.

DIGIPASS for Apps, a software development kit with a library of APIs, natively integrates application security, biometric authentication, risk analysis and more into mobile applications.

In combination with Virtual DIGIPASS, which generates a transaction specific one-time password via SMS, the two solutions help banks meet the directive’s requirements for customer authentication and transaction signatures that include transaction data.

In addition to addressing PSD2 requirements, the Bank of Cyprus has implemented VASCO products to improve security and user experience as its customer base makes a strong shift toward transacting on mobile devices.

Using DIGIPASS for Apps, the bank has integrated push notifications, TouchID and QR codes to enable fast, yet secure mobile banking.

Charis Pouangare, director of consumer and SME banking at Bank of Cyprus, said: “With VASCO’s help, we are able to take steps toward meeting the EBA requirements while at the same time enhancing the security and improving the online and mobile banking experience for our customers.

“By partnering with banking industry leader Vasco and integrating their solutions, we brought in the best security to help our customers feel confident their banking applications are protected.”

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