Money 2020 Europe has been taking place in Copenhagen this week and, knowing the growing importance of the fintech industry to the Channel Islands, DQ was more than pleased to attend.
Our roving reporters have been engaged in something of a tweeting frenzy since they arrived and whilst we are all delighted that they've found a fantastic cup of coffee to keep them going, there's some other news that we thought it worth mentioning!
m-Aegis launch sees Mistral Mobile Secure Android Apps
Looking to improve upon the standard SMS OTP (one-time password) authentication used by many mobile apps, Mistral Mobile used the platform provided by Money 2020 Europe to launch m-Aegis™ Secure OTP.
Developed to address Android malware which steals and exploits traditional SMS OTPs, the solution is provided as an SDK for integration into financial services apps.
We are all familiar with two-factor authentication with SMS that is widely used by financial institutions and is certainly better than OTP on its own but the reality is that trojan developers breach SMS OTP passwords with ease and traditional two-factor authentication cannot protect against them. There are many malicious apps available, each one scarier than the next.
“Our customers are worried about the increasing level of fraud targeting the plain-text OTP-based approach," said Ludwig Schulze, CEO, Mistral Mobile . "With m-Aegis™ Secure OTP, we offer a way to both secure the mobile apps and improve the users’ experience."
Blockchain meets KYC in new Fintech partnership
In another sign that Bitcoin is maturing, blockchain payments provider, Coinify, and KYC service provider, iSignthis, announced a new strategic partnership at this year's Money 2020 Europe that will see a new payments compliance service on the market.
The partnership's new product connects blockchain payments, KYC identity confirmation and credit cards, allowing instant bitcoin purchases on the Coinify platform.
The development, which will support the majority of credit cards, will enable international use of the Coinify Trade platform, which currently acts both as a processor of up to 17 blockchain currencies, and as an exchange.
For the first time, identity can be linked by end users to transactions, which has huge benefits for meeting AML/CTF regulations, customer due diligence and KYC. As part of the deal, iSignthis has also agreed to refer those of their customers who are interested in processing ‘identified’ bitcoin payments, to Coinify.