VASCO Data Security International, Inc. (NASDAQ:VDSI), a global leader in digital identity security, transaction security and business productivity, today announced the launch of its Trusted Identity (TID) platform, which provides companies with a single platform to reduce onboarding and transaction-related fraud while securing and enhancing the end-user experience. VASCO also announced it is changing its name to OneSpan to reflect the significance of this shift in its strategy and solution offering.
The OneSpan Trusted Identity (TID) platform brings together the OneSpan’s broad portfolio of security technologies to enable real-time fraud detection for banks and enterprises through a cloud-based, open-architecture platform that uses real-time fraud analytics, multifactor authentication, mobile application security and orchestration of all of the available services. TID’s API-based approach integrates OneSpan-provided, third party and customer-developed tools to manage risk and reduce fraud, meet strict regulatory compliance, reduce the time and cost of implementation, and improve the user experience. The TID platform represents the next evolution of OneSpan’s two decades of leadership in preventing fraud and hacking attacks against the world’s leading financial institutions.
The newest solution available on TID is Intelligent Adaptive Authentication. This solution reviews data from user behavior, devices, mobile applications and real-time transactions, then uses artificial intelligence with machine learning plus pre-configured and customizable rule sets to analyze and score that data. The result of this analysis enables a precise level of security on user interactions while optimizing the user experience.
“Financial institutions are expanding their investments to address escalating fraud while competing to provide the best customer experience,” said Aite Group’s Retail Banking and Payments Research Director, Julie Conroy. “Increasingly, FIs are looking for platform solutions that support a flexible plug-and-play approach with multiple tools that enable them to nimbly evolve their fraud and authentication strategies. OneSpan’s layered approach using multiple technologies that work together is a great match for these needs, blending strong security with user convenience to help banks prevent fraud.”
“The launch of our Trusted Identity platform provides a single foundation that spans the needs of our customers today and into the future while our name change underscores a generational evolution in our strategy,” said OneSpan CEO, Scott Clements. “We listened closely to the challenges our customers are facing and identified a significant gap between customer needs and solutions available in the market. OneSpan is addressing this gap by delivering a much needed and innovative approach to reducing the billions of dollars banks are losing annually to fraud.”
Trading on NASDAQ under the new OneSpan name, ticker symbol “OSPN” and new CUSIP number 68287N 100 is expected to begin at market open Monday, June 4, 2018.
The company also announced it has acquired privately-held, UK-based Dealflo for £41 million in cash. “The combination of two leading providers of solutions for agreement automation creates a strong offering for customer onboarding,” said Aite Group’s Retail Banking and Payments Research Director, Julie Conroy. “Financial institutions in particular have a growing demand for onboarding automation solutions and coming from OneSpan, a leading provider in the financial services industry, this will make for a very compelling offering in the market.”