Open Banking and Fintech-Integration
Open Banking, fintech integration and the innovative transformation of traditional business: digitisation is presenting banks with a host of great opportunities. Airlock offers the decisive advantage thanks to excellent user experience and fully integrated Open Banking standards. But where there are opportunities, there are risks in compliance, data protection and IT security. Thanks to its cutting-edge technology, Airlock protects against these threats. With 250 active banking customers in over 20 countries, we have a deep understanding of the sector’s requirements and challenges.
Open banking and fintech integrationcollaborating for success
Banks are actively taking advantage of the opportunities offered by digitisation and making ongoing improvements to their digital channels to provide their customers with even better service. Here, they are looking to strike a balance between a straightforward user experience and the highest levels of security for new user journeys.
Implementing open banking, integrating fintech products and setting up new customer portals all require intelligent features that will impress not just the banks but their partners and clients as well with respect to convenience, user experience and access management.
With Airlock, Swisscard implements digital customer journeys in a flexible and secure manner. Together, we create a unique customer experience for private customers, companies and retailers.
Marco Bazzani, CIO of Swisscard AECS GmbH, a leading card company owned by Credit Suisse and American Express. Swisscard is the only company in Switzerland to offer the world's most important card brands American Express, Mastercard and Visa from a single source.
Excellent user experience
Today’s customers are more demanding than ever. They expect a seamless user experience throughout their online banking journey – including authentication, master data management and uncomplicated user self-service features. Here, Airlock offers an impressive array of sophisticated functions, such as single sign-on processes, which ensure that customers can switch between different services without multiple logins; or smart, risk-based, multi-factor authentication, which meets a wide range of needs. Furthermore, intelligent online services prevent helpdesks from being swamped with unnecessary enquiries. This ensures banks minimise costs and target investments at service-excellence where it will really make a difference to their customers.
Banks as service hubs for fintechs
Banks can count on the trust of their customers – and they can build on this trust, provided they have stable foundations like the Secure Access Hub. With its intelligent, all-in-one solution, Airlock can support banks as they transform themselves into service hubs – even as they expand beyond their core banking business. Banks can become service aggregators and bring genuine value to their customers by positioning themselves as intermediaries for fintech organisations. To ensure success, financial institutions must focus on the essentials: the rapid development of new services, tools and platforms. Thanks to Airlock, these services can be launched with a shorter time to market and third-party providers can be efficiently integrated.
Compliance for open banking
Today security in banking always implies compliance with internal and legal regulations and this is an area of particular strength for Airlock. With its comprehensive access management functionality, the federation standards it supports and its integrated API protection, Airlock creates ideal conditions for simple and comprehensive PSD2 compliance. Moreover, specific components of PSD2 standards (such as NextGenPSD2 or STET) are already integrated into the secure access hub. Additional functionality, such as consent management, also ensures that DSGVO requirements are more easily met.
The de facto standard in online banking
The banking business is based on trust and the best way for financial institutions to safeguard this valuable asset is by deploying the de facto standard for security in online banking software for more than 15 years. The reason for this success? In addition to its flexibility and maximum security, Airlock is highly cost-effective and features a comprehensive range of add-ons. IT security, too, is a trust-based business.
References for banks
In recent years, Raiffeisen has established itself as the leading retail banking group and the third-largest cooperative bank in Switzerland. Customer proximity is one of the most important reasons for this success and Raiffeisen now has about 1.9 million cooperative members. More than one million customers also use online banking. Above all, they value customer proximity, sympathy and trustworthiness. In order to guarantee this in the long term, the e-banking system must be fast, efficient and, above all, secure.Read more
St.Galler Kantonalbank (SGKB) covers the entire eastern part of Switzerland with 38 branches in the cantons of St. Gallen and Appenzell Ausserrhoden as well as in Zurich. Branches in Munich and Frankfurt am Main complete the business network. Over 1200 employees offer comprehensive financial services to private and business customers. Its top priority is the reliability and discretion of a Swiss bank.Read more
Bank Vontobel AG Authentication server is a central element of security
Bank Vontobel AG is part of the Vontobel Group, a Swiss private bank with global reach.Read more
Pintail Combination cIAM and WAF
The IT managers at Pintail opted to invest in a combination of customer IAM (cIAM) and web application firewall (WAF) provided by Airlock. ‘The Airlock solution was the best fit for our high standards for security and agility for transactions and the stability of the underlying IT architecture. We were particularly impressed with the options for two-factor authentication, seamless integration within our existing IT landscape and future-proof, individually scalable technology. Our partner was also very flexible, working with us on the design and focused development of the app in an extremely agile way’, confirms Balmer.Read more
With the adoption of the PSD2 regulation into national law of EU countries in January 2018, the race was on to undertake the technical implementation of the open banking standards ready for the 2019 deadline. Fourteen Avaloq clients were operating payments in the EU jurisdiction, and therefore needed a new, highly secure, PSD2 solution: a solution that required close collaboration with its long-time partner for security technology, Ergon, and its Airlock© solution.Read more
Our whitepapers on banking
Open Banking Implementation
With the adoption of the PSD2 regulation into national law of EU countries in January 2018, the race was on to undertake the technical implementation of the open banking standards ready for the 2019 deadline. In this whitepaper you will leran what PSD2 is about and what the outcomes are.
Open banking has become a strategic priority for many financial institutions (FIs) and wealth managers. Local regulation, clients’ demand for superior customer experience and the strive for more flexibility are forcing banks to open their platforms to the outside world. This whitepaper highlights the external threats to an open banking ecosystem and how to address them.
The two-factor authentication (2FA, MFA or SCA for short) in the area of IT security offers double the security. In combination with efficient customer identity & access management (cIAM), numerous processes are significantly simplified. Find out more about strong authentication and the possibilities that Airlock offers in our whitepaper.