Digital security banking innovations at this year’s Money 2020

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[ This article was originally published here ]

Money 2020 is taking place in Amsterdam as part of its European rotation this week. The event is Europe’s biggest fintech gathering with over 2000 companies attending and brings together ideas about what will drive the future of financial services. It also gives those attending exclusive access to new emerging technologies and transformative ideas in the banking sector.

This year the key themes of the event include frictionless and secure payments, cloud computing technology in the financial services industry, and the role of digital ID in securing trust and preventing fraud.

As a world leader in digital security in the banking and payments sector, we are offering a range of demos at Money 2020 in Amsterdam that complement these themes.

Making payments frictionless yet secure in commerce

Having applications and products that give us greater convenience in our day to day lives has become almost a given for many of us. However, in banking and financial services these innovations are happening faster than ever. It is therefore crucial that we do not compromise on security for the sake of convenience. We have spent a great deal of time making sure that we provide both of these crucial aspects to our customers and will be revealing exactly how we incorporate this in our offering with two demos at this year’s show:

  • EMV biometric payments card: Using state-of-the-art biometric technology as a payment verification method we have brought a new, secure and enjoyable customer experience during purchasing. A fingerprint sensor on the card reads your fingerprint when making a payment and only when there is a match authenticates the transaction. This saves you from having to remember your PIN code and reduces the risk of credit card fraud. With the same ISO dimensions as standard EMV cards, the card with a fingerprint sensor supports all configurations such as contact, contactless and display, presenting the perfect balance of security and convenience.
  • Scan&Go: In partnership with Neos we will also be presenting a B2C application for at-store purchases, where payment is secured by a Thales digital authentication solution. While shopping at the store you can scan the barcode of the products you want to purchase. Then, when you come to pay, the application integrates a Thales digital authentication solution based on biometrics. We have also ensured that the payment is secured in full compliance with the PSD2 European regulation’s SCA requirement.

Cloud Computing solutions for financial services

Cloud storage is a relatively new technology for storing data over the internet. In banking it offers numerous benefits by boosting the capacity to handle data. Banks can access the cloud as and when required, which means they can utilize resources more flexibly and efficiently. Additionally, data protection, especially for sensitive data, is increased. This is because the data is kept in a centralized data storage that can only be accessed through strict authentication methods.

We will be conducting three demos that illustrate the key components of a comprehensive cloud based Digital Banking solution:

  • iDCloud KYC for Banks: Our Software as a Service (SaaS) solution performs ID verification for new services such as onboarding, as well as critical transactions validation. Using both physical (biometrics and ID documents features verification) and digital components (NFC data extraction and verification), Digital KYC offers efficient ID verification with an intuitive and simple customer journey.
  • iDCloud Fraud Prevention: Our Risk Management solution that enables each authentication session to be evaluated risk-wise, resulting in the appropriate scale-up of authentication steps. Banks can integrate their existing risk management solutions into the cloud platform as well as the benefits from Risk Management contextual analysis software.
  • iDCloud Authentication: Our Cloud-based platform that offers all the necessary components to support the Banks PSD2 readiness efforts. It also provides strong, yet user-friendly authentication to when using online services on all your connected devices.

The role of Digital IDs in securing trust and preventing fraud

Digital ID plays a crucial role in securing customer trust and preventing fraud and as such it is at the heart of everything we do. At Money 2020 we’ll be also showing examples of successful Digital ID schemes in Europe we’ve helped implement, Belgium Mobile ID & La Poste, to provide both Digital ID enrolment and secure mobile ID management. These schemes offer service providers such as mobile operators, banks and government institutions the ability to onboard new customers or verify the ID of current customers in a more secure way.

This year we have also partnered with the R3 Corda platform to showcase our self-sovereign Digital ID scheme. Our Trust ID Network (TIDN) is a decentralized digital ID platform based on Blockchain technology. It allows service providers to simplify customer identity management and streamline the due diligence process, while enabling end users to be in total control of their identity, greatly reducing the risk of identity theft.

If you’re attending Money2020 in Amsterdam this week please come and stop by our booth E90 where we can show you our complete digital security portfolio, or alternatively you can use our Trust Loop touch screen to see more of our processes in action behind the scenes. And if you’re not at the show this year you can tell us what you think should be a priority for security in financial services by tweeting us @Gemalto