A Cashless Nigerian Securing Financial Services Clydestone, has unveiled Authentication software and hardware to secure financial services into the Kenyan market.
The company has partnered with Vasco Data Security International, Inc (NASDAQ: VDSI), the world leader in Two- Factor Authentication and digital signature solutions for financial institutions.
The solutions are intended to enhance financial security, protect mobile applications and secure access to data and applications in the cloud and within corporate networks.
Clydestone currently holds several African markets and has physical presence in Kenya, Ghana and Nigeria.
“We are partnering with other global companies to provide innovative, forward looking software solutions and technological devices to the African financial services sector,” said The Managing Director of Clydestone Technologies Kenya Ms. Felistas Kisivo
“ Our transaction authentication brand, Global Secure (G-Secure) is an authentication platform built to prevent fraud in the card not present (CNP) environment; it combines 3-D Secure protection, risk and behavioural analytics, one time passwords (OTP) and mobile communication to provide scalable and flexible options to prevent CNP fraud,”
According to Nicholas Poire the Area manager, Vasco (France, Luxembourg & Africa), the platform provides 3-D secure for Verified by Visa, MasterCard Secure Code, and American Express Safe Key with a consumer and User authentication That will complement Chip & PIN technology, because it helps secure all consumer channels.
“The Organisation along with its global partners are providing ready technology to enable use of One Time Passwords (to eliminate static passwords), Electronic Signatures (to eliminate man in the middle attacks on transactions and data in transit), Digital Signatures (enabling signing of transactions and documents using certificates and keys and many other solutions for Online Banking security, Online Applications security and enterprise security.”
The solutions will also secure remote access to corporate networks by employees and secure web applications amongst other uses. The organisation also has e-government Authentication solutions.
To call attention to its suite of secure payment solutions, the firm would, at an event, present its G-secure Authentication Platform, which keeps the banks, customers and merchants secure, as the nation journeys into the cashlite era. This event is coming on the heels of the CBN’s cash-less policy and seeks to boost the knowledge and enlightenment of the participants for a more effective and secure transformation process.
However, Clydestone has taken this approach in order to address the concern raised by the banks, merchants and customers on how to leverage the growing payment systems of e-commerce and m-commerce channels without incurring increasing levels of revenue loss related to fraud in the face of the CBN’s cash-less policy.
According to Babafemi Sosanya, Business Development Manager, Clydestone, the event which would be attended by the banks and other financial institutions would include an interactive session on how the banks can use the 3D-Secure payer authentication, how alternative payment brands such as PayPal, Google Check Out and Amazon can use this platform to their competitive advantage and grow their transaction volumes among others.
Clydestone develops cutting edge and innovative solutions for its clients in Ghana, and have implemented payments systems for financial institutions.
The firm would participate in Nigeria’s transformation phase from its heavy dependence on cash to cash-less one and is coming with an extensive experience in implementing solutions for some of the largest companies in Ghana.
The company hopes to achieve this by presenting the ‘G-Secure Authentication Platform’ to banks and financial institutions.