Fintech, Finance, Technology, Banking Highlights – 11 December 2018

ACI Worldwide teams with BioCatch on behavioural biometrics

ACI Worldwide, a global provider of real-time electronic payment and banking solutions, announced a collaboration with BioCatch, the global provider of behavioural biometrics, to protect customers from online and mobile banking fraud such as account takeover.

In addition to machine learning and advanced analytics capabilities from ACI’s UP Payments Risk Management solution, banks around the world will now benefit from BioCatch’s real-time behavioural assessments to identify a wide range of cyber threats without disrupting the user experience.

Founded in 2011 by experts in neural science research, machine learning and cybersecurity, BioCatch’s patented approach analyzes the way users interact with online applications and devices and introduces subtle tests known as “invisible challenges” into their online banking sessions. Users subconsciously respond to these challenges, without sensing any change in their experience. The response provides additional behavioural data that can be used to distinguish a real user from an imposter, whether human or robotic. Together with ACI’s UP Payments Risk Management solution and its capability to coordinate data sources and integrate risk services, organizations will be able to better combat new and emerging online threats that compromise business integrity, while maintaining a desirable online user journey.

Sberbank enters POS lending market

Sberbank announces its entrance on the POS lending market with a new product, Purchase on Credit.

Sberbank is launching the Purchase with Sberbank lending marketplace to develop a POS product line.

The Purchase with Sberbank service allows clients to apply for POS loans to buy goods and services on Sberbank’s partners’ websites. The submission and consideration of loan applications and signing of documents are carried out online, and there is no need for the bank’s employees or partners to participate in the process. The product’s advantage is that it incorporates technology that provides a fast and completely paperless loan application process. The bank currently offers a service for the websites of online shops. In 2019, solutions for mobile versions and partners’ apps will be launched, as well as loan application technology at shops.

Loan applications can be submitted by any citizen of the Russian Federation who owns a debit card of Sberbank and uses the Mobile Bank.

Token brings Open Banking to Mena region

Turnkey open banking platform provider, Limited, announces a partnership with Almoayed Technologies, the MENA region’s one of leading technology infrastructure development company, to accelerate open banking across the Arabian Peninsula.

Ahead of the introduction of open banking regulations in Bahrain, announced yesterday*, Almoayed Technologies and Token have been working together to enable fast and simple compliance for the Kingdom’s banks via the integration of Token’s single API.

By offering a common platform to all banks in Bahrain, Token and Almoayed Technologies will enable banks to deliver open banking payment and information services to customers quickly and efficiently, and enable secure and frictionless access to banks for third-party providers (TPPs).

This unified approach will avoid many of the issues that are currently hampering open banking adoption in more mature markets. In the United Kingdom, for example, widespread development of proprietary APIs is causing fragmentation and integration pain, holding back the pace at which the market can develop.

Steve Kirsch, Founder and CEO, Token, comments: “Through our platform, financial institutions, merchants and TPPs in Bahrain and beyond will gain access to a fully operational API banking infrastructure, supporting the MENA region’s objective to be a best in class reference point for open banking. While the world is focused on Europe, thanks to PSD2, open banking is also gaining traction in other regions across the globe. Almoayed Technologies brings established relationships across the Peninsula and strong technical competencies for on-the-ground implementation support. We look forward to working in tandem to support the growth of API-led banking across the region.”