The new Secure Agreement Automation cloud solution from OneSpan offers fully-digital account opening while fighting application fraud. Launched this week, the technology leverages open APIs to deliver identity verification, eSignature, workflow, and an end-to-end audit trail in a single account opening solution.
“The battle for banking consumers is being waged based on the quality of the digital experience, which demands both ease of use to reduce abandonment rates and strong security to lessen account fraud,” OneSpan CEO Scott Clements explained. “Secure Agreement Automation represents the fulfillment of OneSpan’s promise to help financial institutions reduce costs and increase growth by establishing trusted identities, devices, and transactions throughout the customer journey.”
The cloud-based solution automates new customer acquisition, identifying qualified customers by running applications through its identity verification hub. This hub relies on credit checks, multifactor authentication, and biometric tools like facial recognition to limit false positives and customer abandonment. The connection to OneSpan’s Trusted Identity (TID) platform means FIs can add capabilities like risk analytics and intelligent adaptive authentication.
Aite Group Fraud and AML practice Research Director Julie Conroy called OneSpan’s Secure Agreement Automation offering part of a “win-win” set of solutions that companies are providing to banks to make customer onboarding faster and more secure. “Even as application fraud attacks continue to escalate, research shows that improving the customer experience continues to be the number one drive of business cases as financial institutions invest in new account onboarding solutions,” Conroy said.
With 10,000+ customers, including more than half of the top 100 global banks, OneSpan rebranded from VASCO back in May of last year. As VASCO, the company participated in FinovateFall 2017, demoing digital lending and document management technology from its recent acquisition eSignLive.
Last month, OneSpan picked up the 2019 Global Customer Value Leadership Award from Frost & Sullivan for its Intelligent Adaptive Authentication solution. Also in May, the company announced that the largest community bank in the Washington, D.C. metro area, EagleBank, had deployed OneSpan’s mobile authentication technology. Other 2019 partnerships for the company include collaborations with United Bulgarian Bank and cloud portal ezidoz.
Headquartered in Chicago, Illinois, OneSpan is a publicly-traded company on the Nasdaq exchange under the ticker OSPN. The company has a market capitalization of $557 million.