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PSD2-compliant IT security solutions: KOBIL Systems helps the financial sector to develop new business models

March 2018 by Marc Jacob

KOBIL Systems GmbH presents a security solution that complies with the new Payment Services Directive 2 (PSD2) in time for the launch of the new directive. This will help banks and financial institutions to meet and successfully implement the strict requirements of the updated EU directive. The Dual 7 Layers of Security approach developed by KOBIL – which is the only one of its kind in the world to date – plays a central role, allowing for stricter customer authentication without restricting the end user experience. The foundation of the approach is KOBIL’s mIDentity Application Security Technology (mAST).

PSD2 will in particular fundamentally change security requirements, as since the 13th January two-factor authentication is now a prerequisite for electronic payment transactions in the European payments area. This is intended to ensure greater customer security. Before PSD2, banking systems depended on direct interaction with the customer, whereby banks themselves have all the information they need to determine whether a transaction is counterfeit. The provision of a secure environment and the development of financial services – while ensuring consumer protection against fraud and accountability – will therefore be a major challenge for banks.

Strong customer authentication, together with secure communication, makes it possible to master this challenge. KOBIL’s Dual 7 Layers of Security solution takes a holistic approach and offers a robust, agile and compliant solution. This secures the identity of end users at seven different levels and makes any kind of fraud attempt almost impossible. KOBIL’s mIDentity Application Security Technology is used here. With mAST, KOBIL offers an end-to-end security platform for strong customer authentication and authorisation using trusted identities for continuous, binding and reliable communication between banks, third parties and their customers. KOBIL’s time-tested and market-proven Public Key Infrastructure (PKI) solution uses advanced shielding, protection, prevention, detection and reporting mechanisms.

Even before the login process, KOBIL starts securing the device and application. For example, KOBIL safely checks the device on which the dedicated application runs before the application is started, and binds the application to this device, making it personalised for the user. In addition, the solutions look beyond the technical aspects of security and assess the situation taking into account the real-time context: time, place and situation. KOBIL offers Titanium security with the Digitanium Channel with Dual 7 Layers of Security, providing dual communication technology to provide a secure transport route for sensitive data between user and bank. (For further information on "Dual 7 Layers of Security" please click here.)

There is no doubt that PSD2 presents banks with a number of challenges. Therefore, banks and other financial service providers must carefully weigh up their strategic options. This can lead to the development of different orientations – banks can choose to be PSD2 compliant with minimal effort. You can also use PSD2 as a tool to invest in agility and customer loyalty.

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