Jun 03, 2013

Software solution allows banks to comply with European security directives

KOBIL Systems, a manufacturer and market leading trendsetter for innovative technologies in the sector of data security and digital identity, is the world’s sole supplier of user-friendly, innovative and modular platform technology which optimally secures payment processes. KOBIL AST enhances the unified European SEPA monetary transactions by adding simple and low-priced security components such as those required by the ECB directive.

With its KOBIL Application Security Technology, abbreviated AST, KOBIL Systems offers the world’s only solution for securing European SEPA payment transactions against hackers in a convenient and cost-effective manner. Since AST is a software solution, it converts the smartphone into a 2-factor authentication solution without the need for an additional device. The AST solution offers the 2-factor authentication presented in the ECB list of demands. AST can function on all platforms and all device types: in classical e-Banking and the new areas of Mobile Payment and Secure Messaging. AST offers banks the opportunity to easily and quickly implement the new European security directives in payment transactions in accordance with ECB. These are: Strong authentication of the final customer (2-factor authentication), user identification, transaction monitoring and protection of sensitive payment data.

KOBIL’s mID AST is an innovative solution, making it possible to work with both a digital identity and novel technology on all platforms and all types of devices. Its modular functionality means that it is possible to tie in additional services as needed, such as mobile payment, e-commerce, and secure messaging. The server provided by KOBIL (SSMS) securely combines the banks’ core technology with all other desired modules. It is thereby possible for the bank to establish an entirely new and secure means of customer communication and to fulfil modern customers’ wishes. Secure Dual Communication Technology (DCT), which completely separates the actual transaction from the authentication, thus precluding an attack by hackers, ensures that security is always at the highest level despite the large number of new opportunities for the bank. In conjunction with the security server and technology update, the solution is capable of responding to rapid future threats and guarantees the bank not only the highest level of security, but also investment protection. The IT-Innovation award presented to KOBIL in 2012 by The University of St. Galen and University of Zurich is further acknowledgement of this globally unique solution; KOBIL AST.