Implementation of technologies for financial transaction mobile authorization into the online banking and mobile business application of Vozrozhdenie bank

«The unique project feature of implementation the PayControl solution into the remote services of Vozrozhdenie Bank was an in-depth study of the whole range of technological, organizational, and legal issues. This required bringing innovative technologies in compliance with the current regulatory framework: the rules for the use of remote services, agreements with customers, manuals and guidance for users, as well as internal documents outlining the interaction between offices and subdivisions of the Bank. SafeTech, the developer of the PayControl platform, provided all the necessary support, which greatly determined the successful implementation of the project».

Natalya Tupikina, Director of the Mass Segment Department, Vozrozhdenie Bank

The project background and objectives

In today’s conditions, the possibility of using mobile devices became one of the key requirements for remote customer service. This raised a challenge for the bank to choose right technologies for the digital signing of transactions and documents directly on a smartphone or tablet. The main criteria for choosing a solution were:

• quick and easy signature generation process with a mobile device;
• ensuring a given level of transaction security;
• minimizing of financial costs compared with previously used digital signature tools.

The analysis of possible solutions resulted in the choice of the SafeTech PayControl mobile authentication and digital signature platform.

Solution description

PayControl is a digital signature solution for smartphones that allows customers to confirm their transactions in any digital channel (online banking, mobile banking, CNP operations, telephone banking (Private bank), and others) with a high level of security and convenience. It can work as a standalone application for a smartphone, or can be integrated directly into a mobile banking application.

The main advantage of PayControl compared to traditional payment authorization methods (i.e., a one-time password via SMS) is that the transaction confirmation code is generated directly on the client’s mobile device. The code is tied to the transaction details, so its interception will not help fraudsters steal funds from the account.

Project features

PayControl was already integrated into the BSS platform for creating remote banking services implemented at Vozrozhdenie Bank, and this became one of the solution’s advantages. PayControl integration made it possible to securely authorize banking operations using a mobile device in two systems at once: in the Online Bank service and in the mobile business client.

Results and business effect

PayControl integration made it possible to securely authorize banking operations using a mobile device in two systems at once: in the Online Bank service and in the Vbank Business mobile application. At the time of transaction authorization, customer sees all the payment details on the screen of the mobile device: number, transaction amount, date, recipient account, and has the ability to verify their correctness.

Having implemented technologies for financial transaction digital signing on a mobile device in online banking and mobile business client, Vozrozhdenie Bank attained the below results:

• create the necessary conditions to allow for complete mobility of users who can now operate without being tied to a PC at any time, directly on a smartphone;
• increase the number of transactions via the mobile business client;
• increase the number of transactions via online banking;
• reduce the transaction security costs in remote banking systems for corporate customers.