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

Bank of Cyprus goes live in 3 months with OneSpan's mobile authentication

Bank of Cyprus faced the challenge of meeting PSD2 Strong Customer Authentication requirements, particularly the need for dynamic linking, while also improving the customer experience for its mobile-first users. The bank, an existing user of OneSpan hardware tokens, needed a more convenient software authentication method integrated into its mobile app to avoid forcing customers to toggle between applications.

OneSpan provided a solution using its software authentication, push notifications, and Cronto visual transaction signing technology, all integrated via the OneSpan Mobile Security Suite. This allowed the bank to launch a pilot in just three months. The solution achieved a 30-40% adoption rate for the integrated authentication, with customers reporting high satisfaction and perceiving the bank as a modern technology leader, which enhanced customer loyalty.

Bank of Cyprus