FSS teams up with Okay to offer authentication security for digital payments

By Megha Bhattacharya

Global PayTech company, FSS Technologies today collaborated with Norwegian FinTech Okay in a bid to offer focused authentication security to consumer payments including transaction validation and mobile authentication. The development aims to accelerate FSS’ reach within Strong Customer Authentication (SCA) support, at a time when the numbers of at-risk devices are increasing exponentially.

Fabien Ignaccolo, CEO of Okay said, “…FSS is an obvious choice; they are aligned with our values, are a globally established player and can provide their expertise to help us execute – rapidly – for our customers. By blending our know-how in the mobile-SCA area with FSS’ own offering, we can super-power our approach and go beyond ‘just securing the transaction info and authentication’ to the refinement of the A to Z of the customer payment experience”.

FSS stated that it expects to provide new offerings in the sectors of prepaid, debit and credit card management, omnichannel acquiring, AI-based payments, SCA, and smart reconciliation solutions.

According to the companies, the partnership will see them securing consumers’ online and mobile purchases. They also aim to enable issuers to optimise customer experience and protect payments while simultaneously improving their revenues.

“The adoption of Strong Customer Authentication (SCA) remains a critical success factor in Europe’s growing digital payments landscape,” commented Simeon Miles, FSS’ Head of UK, Ireland and Nordics. “But with the adoption of SCA in a constant state of evolution – as evidenced by the latest recommendations surrounding OTP and Mobile, it’s vital that our customers are ahead of the curve with the solution that we provide. Our partnership with Okay, with their expertise in the SCA mobile space, fully rounds out our offering and makes for a compelling proposition here in Europe”.

Simeon adds, “With our authentication headset and know-how, as best illustrated by our Secure 3D offering and Okay’s future-proofed algorithmic-based offering, this partnership will give our clients a competitive edge in customer experience, ultimately reducing false positives (including the dreaded cart abandonment ) whilst maintaining the lowest possible fraud level”.

IBS Intelligence recently reported FSS’ commitment to support the strengthening of banks’ digital payment capabilities in the Kingdom of Saudi Arabia (KSA).