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NewProducts

Company: OneSpan
Product: Secure Agreement Automation
Website: www.onespan.com
Contact: info@onespan.com

Fight fraud, boost sales with

automated applications

neSpan, a global provider of trusted iden- streamline onboarding while also facilitating the requisite
tity, e-signature and secure transaction solu- fraud and KYC controls."
tions, launched Secure Agreement Automation,
O a cloud-based technology suite designed to Secure Agreement Automation enables participating
reduce fraud by digitalizing the account opening process. organizations to transform previously manual processes
The solution combines identity verification, workflow, end- into secure omnichannel experiences, OneSpan
to-end audit trail and e-signature features through open representatives stated. The solution can be integrated with
APIs. Combining these technologies into a single service OneSpan's Trusted Identity (TID) platform, which includes
level agreement (SLA) can help financial service providers complementary technology solutions such as risk analytics,
reduce risk, lower costs and acquire customers within min- intelligent adaptive authentication and mobile application
utes, company representatives stated. security capabilities.

Michael Magrath, director, global regulations and standards Multiple capabilities, options
at OneSpan, observed that today's consumers expect a The Secure Agreement Automation platform includes the
frictionless experience when opening new accounts on OneSpan Identity Verification Hub (V-Hub) with multiple
mobile devices. "Growing demand for mobile banking identity verification options. V-Hub users can selectively
places additional pressure on financial institutions to layer the platform's verification methods according to their
deliver digital services," he said. "Digital-only banks have individual markets and customer demographics. Options
been more responsive to this need." include multifactor authentication, facial recognition and
other biometrics schemes.
Mobile phone account takeovers rose from 380,000 in 2017
to 679,000 in 2018, according to Javelin's 2019 Identify Fraud "V-Hub's combined capabilities significantly reduce false
Study. As identity crimes and application fraud attacks positives and consumer abandonment rates," Magrath said.
escalate, service providers need solutions that balance "And all are available through a single provider, SLA and
security with exceptional service, Magrath noted. "In the API integration."
age of remote and mobile applications, lengthy application
processes add friction and create a suboptimal customer Magrath pointed out that V-Hub can run a 360 degree profile
experience," he said. "Financial institutions are reporting on an identity, using what he described as a "one-to-many
record application abandonment rates, ranging from 65 to approach" to produce higher pass rates. The system's built-
95 percent." in failover automatically activates when identity checks

Secure omnichannel experience fail or verification providers are unavailable, eliminating
the need for manual intervention and reducing customer
The Secure Agreement Automation platform uses digital abandonment. The platform is continuously updated as
identity verification methods to confirm identities and new verification methods come to market; white label
obtain legally binding e-signatures while sustaining an versions are available, he noted.
end-to-end audit trail throughout the process, from identity
verification to account signing. This helps participating "Our mission at OneSpan is to transform and protect the
financial institutions fight fraud, verify identities and customer journey, from an applicant's first interaction
maintain compliance by fulfilling know your customer throughout the entire digital customer journey," Magrath
(KYC) and anti-money laundering (AML) requirements. said. "Secure Agreement Automation fulfills our promise
to help financial institutions reduce costs and increase
Julie Conroy, fraud and AML practice research director growth by establishing trusted identities, devices and
at Aite Group, said, "Solutions like Secure Agreement transactions throughout the entire customer lifecycle."
Automation promise a win-win, by bringing automation to
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