Thomas Beck

      Thomas Beck, Avaloq CTO

US-based identities, e- signatures and secure transactions’ software provider OneSpan has announced that Avaloq has integrated its solutions into its cloud banking platform in a bid to provide the banks with the ability to connect OneSpan’s anti-fraud solutions to their core banking systems using open APIs.

“We are happy to strengthen our ecosystem by partnering with an industry leader like OneSpan,” said Avaloq CTO, Thomas Beck. “Thanks to this joint power, we are able to better serve our clients with innovative solutions that help banks and wealth managers reduce the time and cost of an implementation.”

The partnership forms a part of OneSpan’s strategic global alliances program, which aims to connect integrators with third-party technologies with OneSpan’s Trusted Identity (TID) platform. According to the supplier, OneSpan’s integration is expected to allow the banks in the addition of mobile authentication, transaction signing and multifactor authentication. It will enable real-time fraud detection through a cloud-based open API platform. The solutions will be made available through avaloq.one.

“Avaloq is a strategic fit for OneSpan given our crossover in customer accounts, mutual focus on financial institutions and the increased demand for embedding our security solutions in core banking platform services,” said OneSpan’s Vice President of Global Alliances, Xavier Juredieu. “We have already seen quick adoption in Switzerland and Germany and will soon expand worldwide to meet the needs of Avaloq’s customers.”

Recently, Avaloq acquired Derivative Partners, Zurich-based independent information and data provider, to allow Avaloq to provide both established and new clients the valuation, trading and management of highly complex financial instruments at a time when their use by banks and wealth managers is becoming increasingly more relevant.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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