CoCoNet revolutionises corporate banking online security with its new MULTIVERSA Token for Mobile and Desktop
- New app-based tokens enable banks to vastly reduce the total cost of ownership for authentication services while providing a better user experience to their customers
- MULTIVERSA Token for Mobile and Desktop fulfils the strong customer authentication requirements of PSD2 and complies with EBICS
Banks have the opportunity to make huge cost savings on their corporate customer authentication services for online banking, thanks to CoCoNet’s new MULTIVERSA Token for Mobile and Desktop.
These revolutionary app-based tokens remove any need for banks’ corporate customers to use additional authentication tools when logging in to their online banking platforms. Instead, corporate customers can log in using only their mobile phones, tablets, PCs or Macs. As a result, banks no longer need to invest in the development, distribution and maintenance of external authentication devices.
At the same time, banks’ customers benefit from having a simpler and more convenient process for logging into their online banking. They can download the tokens from their bank’s online banking portal or the App Store. The tokens are easy to install, initialise and use. Customers that use them will no longer have to carry around external devices and security tokens, such as smartcards or RSA tokens.
The token applications store the obligatory cryptographic keys within the user’s own device with the common operating systems Android, iOS, macOS and Windows. The apps do not only authenticate the user; however, they also authorise the user to access connected applications within a digital banking platform. They also allow the authorisation of payments and the execution of other financial activities.
Furthermore, the tokens fulfil the strong security requirements around customer authentication imposed by the EU’s revised Payment Services Directive (PSD2). They also comply with the Electronic Banking Internet Communication Standard (EBICS).
“Going forward, banks will not have to purchase and support expensive authentication devices for their corporate customers to use – devices such as smartcards, RSA tokens and USB sticks,” says Oliver Olmesdahl, CEO of CoCoNet. “Instead, their customers can access a simple, secure and powerful app. MULTIVERSA Token for Mobile and Desktop is a real game changer – both for banks and their corporate customers. It gives banks a great opportunity to dramatically reduce the cost of ownership associated with customer authentication services while making their customers’ lives easier.”