BICS selects Bancontact Payconiq for multi-factor authentication

By Gloria Methri

International communications platform company BICS has partnered with Belgian electronic payments specialist Bancontact Payconiq Company, to deliver multi-factor authentication for the new Payconiq by Bancontact mobile app.

Payconiq, which merged with fellow Belgian electronic payments specialist Bancontact in 2018, lets users make payments, transfer money, and manage their finances via their smartphones.

It recently launched a brand-new version of its app to provide a smoother and simpler customer experience to carry out transactions and manage their finances. To make operations even more secure, BICS is providing an added layer of user authentication powered by its communications platform and network.

“The new Payconiq by Bancontact application means our customers get the same reliable payments but with a more user-friendly experience,” said Jérôme Deliège, CTO of Bancontact Payconiq Company. “Customer security is always a priority, and these processes need to be reliable and seamless. It’s why we selected a partner that is proven and trusted in the communications space in BICS.”

The new application uses multi-factor authentication to verify customers through an SMS code sent to their mobile the first time they log into the app. This helps to protect against threats such as account break-ins.

BICS’ communications platform and network both power this feature by using “short code” numbers rather than full mobile numbers. Operators and consumers typically trust these numbers more since mobile operators must approve them beforehand, making them mostly unavailable to scammers.

Divya Ghai Wakankar, VP Enterprise Market at BICS said, “Modern enterprises need reliable communications now more than ever for supporting areas such as marketing, operations, security, and ensuring all-around great customer experiences. At BICS, we are at the forefront of simplifying things for both parties, and this exciting partnership with Belgium’s leader in electronic payments is a great achievement to show how far we are going.”