Clydestone & Thales partner to offer TheOne Authentication as a Service platform

By Pavithra R

Clydestone Ghana, a leading payments system and FinTech solutions provider, has announced that the company has partnered with Thales, a global leader in digital identities and security, to provide TheOne Authentication as a service platform.

With the rise of digital banking and mobile money services in Ghana and across the region, financial regulators have made it mandatory for banks and payment service providers to offer multifactor (MFA) authentication with a minimum of 2 factor (2FA) to secure customer transactions, and to combat fraud. TheOne Authentication as a service platform will offer a multi-tenant ready environment to host financial institutions and payment service providers to provide Strong Customer Authentication (SCA) across multiple channels.

The high cost of acquisition and maintenance has resulted in the financial services industry lacking in deploying authentication solutions. TheOne offers cost-effective Authentication as a service with end to end authentication capabilities and transaction signing as a standard function, amongst many other strong authentication features.

“TheOne authentication as a service platform will ensure that institutions can offer secure authentication to their customers without incurring infrastructure and licensing costs, which can be prohibitive to offering SCA.” Paul Jacquaye, Founder and Group Chief Executive of Clydestone.

TheOne service platform provides push notification to end customers to sign and confirm transactions remotely. The platform includes Thales Dynamic Code Verification (DCV) suite ‘Card Not Present’ Security Solution, which replaces the static security cryptogram (CVV) present at the back of the card, with a dynamic code displayed on the customer’s mobile application. The CCV is usually requested for online purchases, but with a temporary and dynamic code, hackers cannot reuse stolen static card CVV data for fraudulent transactions. Moreover, end customers have the option to secure access to their stored cards using a pin code or biometric authentication through their mobile phone

“The evolution of digital banking and the extension of banking and payment channels create new opportunities for banks in Ghana. Thales is offering a range of solutions in partnership with Clydestone to support the rise of Digital banking needs. The complete offering includes Thales Authentication Mobile App, Mobile security, eCommerce transaction authentication (DCV), and Strong Customer Authentication.” Nassir Ghrous, SVP Banking and Payments services for Africa, Middle-East, and Eurasia at Thales.