OneSpan has launched a comprehensive onboarding platform designed for financial institutions. The cloud-based solution is called Secure Agreement Automation, and it automates the entire account opening process to reduce costs and improve the end-user experience.
Secure Agreement Automation runs on open APIs, and unites multiple services under one software umbrella, including eSignature, workflow and end-to-end auditing capabilities. It also includes an identity verification hub that can perform credit checks while delivering multimodal and multi-factor authentication including biometric modalities such as facial recognition.
With these features, the solution should increase customer retention and lower the risk of new account fraud, which cost financial institutions $3.4 billion in 2018.
“The digital experience demands both ease of use to reduce abandonment rates and strong security to lessen account fraud,” said OneSpan CEO Scott Clements. He added that Secure Agreement Automation would “help financial institutions reduce costs and increase growth by establishing trusted identities, devices and transactions throughout the customer journey.”
Secure Agreement Automation will connect to OneSpan’s Trusted Identity Platform, which will unlock Risk Analytics, mobile security applications, and other features for OneSpan clients. OneSpan launched a new Risk Analytics platform back in February, and was named Best in Class at Javelin’s inaugural Mobile Biometrics Platform Awards at the tail end of 2018.
June 5, 2019 – by Eric Weiss