Entersekt’s mobile app security and authentication product, Transakt has been judged to be PDS2 compliant.
The company said that Transakt has been endorsed by a key European consultancy as a “state of the art solution” to the European Banking Authority’s Regulatory Technical Standards (RTS) on strong customer authentication under PSD2.
These specifications define the enhanced security measures that payment service providers in Europe must put in place by September 2019.
Headquartered in Bonn, Germany, SRC Security Research & Consulting provides financial services providers with independent research and development services in information technology and security, with a special focus on secure payment systems. It concluded that Transakt met all relevant requirements set out in the RTS.
“With now only 18 months left to comply, Europe’s financial institutions are urgently searching for a PSD2-compliant strong customer authentication solution that impacts consumers’ digital interactions as little as possible,” said Jonathan Knoll, country manager for central Europe at Entersekt. “We now have more independent verification that Entersekt can provide a compliant solution that combines mobile-enabled convenience coupled with superior security.”
Based just outside of Cape Town, South Africa, is an international software development company which helps protect tens of millions of end-users across the globe, securing 150 million digital transactions every month, in 45 countries.
Its solutions span mobile app security, strong authentication, payments enablement, digital signing, biometric enablement and regulatory compliance.
Entersekt claims its multi-factor, out-of-band authentication and app security products are engineered specifically for the financial sector and adhere to all major digital banking security mandates. These include the relevant requirements set out by the US Federal Financial Institutions Examination Council (FFIEC), European Central Bank and European Banking Authority, German Federal Financial Supervisory Authority (BaFin), and Monetary Authority of Singapore.
It enables users to remain ‘ahead of the regulatory curve’ with a product roadmap that reflects changes in the threat landscape and anticipate regulators’ responses to them years ahead of time. It also helps users meet the European Banking Authority’s requirements for strong, active authentication under PSD2and GDPR with solutions that are already used widely in Europe. The company’s clients include Capitec Bank, Investec, FirstBank of Colorado, Nedbank and Swisscard, among others.
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