Captivate the market and delight your customers by providing open banking payment experiences that are safe, consistent and enjoyable to use.

Use Cases

Two years ago, the Competition and Markets Authority (CMA) recognized the lack of competition within the financial industry and resolved to put customers back in control of their finances. Their mandate stipulated that banks would have to ‘open up’ and share all the data they had collected over the years with third-party organisations, through secure APIs.

The down side is that these newly acquired benefits – accompanied by an increase in the number of sensitive transactions and requests from third parties for data access and payments – increase the opportunities for cybercriminals to commit fraud.

To mitigate this, regulation stipulates that banks must adopt strong customer authentication (SCA), or two-factor authentication, as well as the supporting deployment of EMV 3-D Secure. However, these additional authentication requirements have negatively affected the interactions that financial institutions have with their customers.

Open banking explained.

To provide consumers with a streamlined experience, financial institutions need to offer an integrated solution with a consistent user interface. By implementing the same authentication technology across all channels, banks promote users’ muscle memory, as well as nurturing a sense of comfort and convenience. This not only helps to reinforce customer expectations, it also instils greater confidence in those interactions.

Unlock smoother and safer open banking experiences.

Discover what Entersekt
can do for your business.

Nedbank saw phishing attacks reduce by over 99% overnight with almost zero fraud in the first 11 months.