Online banking and most business processes require controls and approvals. It could be for a large financial transaction, a simple work expense reimbursement or procurement approval. In banking, these have been traditionally managed using One-Time Passwords (OTP) or PIN codes and in business applications with simple username+password authentication. These mechanisms are now insufficient to meet today’s regulatory requirements, security and usability expectations.
PSD2 introduces new regulation to banks operating in Europe: Strong Customer Authentication (SCA) and Dynamic Linking. Strong customer authentication entails an authentication based on two or more elements categorized as:
knowledge (something you know), possession (something you have), inherence (something you are)
They must be independent of each other, meaning that acquiring one factor does not compromise the other. RCDevs OpenOTP can help you meet the PSD2 requirements while at the same time making your business processes more efficient and user-friendly.