Case Study: Bank of Cyprus enhances customer experience and PSD2 compliance with OneSpan authentication

Bank of Cyprus boosts PSD2 compliance in 3 months with OneSpan

The Bank of Cyprus, a leading banking group, faced the challenge of modernizing its customer authentication to meet PSD2 compliance and shifting mobile transaction needs. They needed to replace outdated hardware tokens with a software-based solution that offered a seamless customer experience without toggling between apps. The bank partnered with vendor OneSpan to address this.

OneSpan implemented its Mobile Security Suite, integrating software authentication with Touch ID/Face ID and Cronto technology for transaction signing directly into the bank's mobile app. This provided a fully PSD2-compliant solution with dynamic linking. The results included high customer satisfaction, with 30-40% adoption of the new method, a modernized brand perception, and reduced operational costs from eliminating hardware distribution.

Bank of Cyprus