SRC confirms that the mobile banking solution Transakt by Entersekt meets the PSD2 requirements
In the world of payment services, 2018 will be dominated by PSD 2 and the EBA RTS. The new rules have been in force in the EU since 13 January. The main reason for the new rules is the massive change in the IT landscape in recent years. For example, it has become possible to use smartphones and other mobile devices for banking applications. The European Banking Authority (EBA) has also established a technical regulatory standard (Regulatory Technical Standard, RTS) for this purpose. Among other things, the RTS places high security requirements on apps with banking functionality.
Entersekt is a global company specialised in innovative, mobile solutions for financial institutions. One of these solutions is Transakt. It enables the provision of strong customer authentication in accordance with the EBA RTS in design and implementation. Entersekt was looking for an independent expert to check and document the conformity of Transakt with the EBA RTS.
“EU regulations often leave room for interpretation, knowledge of the intricacies of payment transactions is only available to a few experts, and expertise in IT security assessments of authentication systems is currently one of the most sought-after competencies. All these topics had to be covered for the assessment of our solution. SRC was able to analyse all of these areas for Transakt with remarkable expertise,” says Jonathan Knoll, Country Manager for Central Europe at Entersekt.
The design of Transakt was independently evaluated by SRC, and the fulfilment of all relevant articles of the EBA-RTS could be completely documented. Jonathan Knoll is also completely satisfied with the result: “The SRC team’s extensive expertise in preparing the Conformity Report for Transakt was very valuable to us. This independently prepared report enables us to prove compliance with the EBA RTS to potential customers”.
At SRC, the design of Transakt left a very harmonious overall impression. Procedures are used which clearly exceed the minimum requirements of the EBA RTS. “We knew that we did our homework on a technical level. But the successful evaluation by SRC’s external experts has once again confirmed that our solution is truly “state of the art”,” Knoll concluded.