|By PR Newswire||
|March 25, 2014 05:04 AM EDT||
LONDON and OSLO, Norway, March 25, 2014 /PRNewswire/ --
ebpSource, the world's leading provider of electronic billing and payment solutions, is pleased to announce an agreement with mobile authentication specialists, Encap Security, to market its Smarter Authentication™ solutions globally. The agreement means ebpSource will offer Encap's products to new and existing clients in the banking, telecoms, payment processor and service bureau sectors. Smarter Authentication™ is a new approach to online and mobile banking and payment authentication that uses software-based, banking-grade technology to deliver an exceptional customer experience without compromising security.
Steve Wright, EVP of Commercial Operations at ebpSource says: "Payment processors, financial services, telecoms and retailers face a growing challenge. Customers expect secure access to online banking, mobile banking, e-payments, mobile payments, card-not-present transactions and cloud-based applications anywhere, anytime and from any channel. The sheer ubiquity of mobile devices, their vulnerability to compromise and increasing transaction volumes have all made mobile security a major issue. Providers that don't meet these needs face losing customers and suffering costly security breaches."
Encap Security's Smarter Authentication™ is a superior solution to existing hardware and software-based authentication offerings that are both costly and cumbersome for service providers. Smarter Authentication™ allows organisations to deliver innovative services that have been proven to not only reduce risk but also boost online and mobile adoption and transaction rates.
Users are able to download the secure Encap-enabled app from an app store such as the Apple Store or Google Play. Once a user's device is paired, the user will be asked to identify themselves using a PIN. The device becomes "something you have" and the PIN is "something you know" allowing multi-factor authentication to be delivered with a one-factor user experience. For non-smart mobile devices there is also an SMS alternative. Through the partnership with ebpSource, the Encap-enabled app will be integrated server-side to enterprise systems, online services, identity management, transaction databases and payment processes.
Smarter Authentication™ removes the need for key fobs, tokens and other authentication devices, OTPs (one time passwords), proprietary SIM-cards, OTP via SMS messages and online card authorisation requests. Such cumbersome processes are typically expensive to implement and complex to administer, create a barrier to use, and are unpopular with users and service providers alike.
Thomas Bostrøm Jørgensen, CEO of Encap Security sees Smarter Authentication™ as an untapped source of competitive differentiation in a crowded marketplace. "It is a highly secure and cost-effective way for service providers to improve adoption and open up new service channels. It minimises financial and reputational risk, optimises transaction volumes and reduces security costs. With ebpSource's global integration expertise and Encap's technology, we are bringing to market the next generation of authentication."
About Encap Security (http://www.encapsecurity.com)
Encap Security's world-class management team has an unrivalled pedigree in providing remote access security solutions for mobile banking, cross-sector enterprises and technology integrators. Its patented Smarter Authentication™ solution is the only dedicated software-based banking-grade authentication platform and offers simple multi-factor authentication and digital signing solutions that remove the need for cumbersome and costly alternatives. The company is based in Oslo, Norway, and Palo Alto, USA.
About ebpSource (http://www.ebpsource.com)
The most experienced team in the international electronic billing and payment industry, ebpSource delivers software solutions, consultancy and support to major tier 1 telecoms, financial services and payment processor clients. The team has unparalleled knowledge in the establishment of highly successful multi-channel e-billing and payment infrastructures. A true strategic partner, ebpSource designs, deploys, develops, integrates and supports some of the largest and highest-adoption services of this kind globally.
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