Cybersecurity platform CyberloQ Technologies has formed a strategic collaboration for its proprietary MFA technology with Pannovate’s Banking Orchestration Platform.
Pannovate is a banking-as-a-service and orchestration layer that enables banks, FinTechs and businesses to power growth and offer digital and embedded finance experiences.
CyberloQ claims to have built the most robust, flexible and dynamic security solution for the payments sector. It incorporates multi-factor authentication, geofencing, access credentials and comprehensive activity logging.
Its multi-factored authentication technology will be integrated into Pannovate’s banking orchestration platform, where it can create a distinct and unique cyber-security solution specifically for the banking and payment industry. The platform will have a suite of security capabilities to protect users from fraud.
CyberLoq’s architecture is a transaction risk assessment engine that leverages multi-factor authentication and authorisation protocols to prevent fraudulent access to online systems and the digital assets and information they house.
Its solution protects sensitive personal identifiable information and any digital assets.
CyberloQ CEO Chris Jackson said, of “We welcome the dynamic opportunity to work with Pannovate in a forward-thinking manner to not only drive seamless and secure efficiencies but also to collaborate on new industries and technologies, as they are developed.
“Further combining our collective strengths is key to our vision of exploring new technologies and partnerships in new and exciting industries that need CyberloQ.”
Pannovate founder Pavle Ljujic added, “Cybercriminals have been shifting their focus to consumers’ personal and financial data and where unfortunately many others have fallen prey to online fraudsters who access their passwords, OTPs and bank details, this collaboration comes at the most pertinent time where cyberattacks are considered one of the biggest threats globally, but even more so for the banking sector, where fraud can no longer be viewed just as a single isolated incident or a compliance issue.”
In other cybersecurity news, Managed cybersecurity platform Huntress recently collected $40m in debt financing from CIBC Innovation Banking.
Copyright © 2022 FinTech Global
Copyright © 2018 RegTech Analyst
