The wholly-owned subsidiary of Volkswagen AG, Volkswagen Bank, has selected OneSpan, an identity, e-signature, and secure transactions provider, in a bid to utilize its mobile application security solution for the protecting the bank’s transactions, enhancing customer experience and assisting in achieving PSD2 compliance.

“The financial industry is changing rapidly as the result of higher customer demands, the move to mobile and new regulations,” said Volkswagen Bank Project Manager, Mario Bandau.

“OneSpan has proven to be knowledgeable in all areas, providing us with the necessary advice and the solutions we need to deliver the kind of experience customers request while ensuring PSD2 compliance,” added Volkswagen Bank Project Manager, Andreas Feller.

According to the supplier, it’s Mobile Security Suite is expected to develop and protect the bank’s mobile authentication app, PhotoTAN-App. The app will also utilize OneSpan’s Cronto solution for enabling the bank’s compliance with PSD2 authentication and other linking requirements.

“With PSD2 coming into effect in September, our customers have been turning to us for the expertise and innovative solutions,” said OneSpan Senior Vice President of Global Sales, Dan Dica. “Cronto is a unique technology available in the market in that it combines security and support for regulatory compliance with seamless customer experience. This combination is important because it enables our customers to advance their digital transformation easily and securely.”

Founded in 1949 as a subsidiary of Volkswagen AG, Volkswagen Bank’s services range from financing of new and used vehicles of all the group’s brands, over direct banking to dealer financing.

Recently, OneSpan 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.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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