Equity Bank is a subsidiary of Nairobi-headquartered Equity Group Holdings. Entersekt, a provider of advanced authentication and mobile security software, will partner closely with the financial institution as it expands its digital banking and payments offerings.
Mobile technology is crucial to the provision of accessible banking and payments services in sub-Saharan Africa, overcoming as it does challenges presented by inadequate infrastructure, limited travel options, and the relative expense of and distrust in traditional banking channels.
Equity will integrate Entersekt’s Transakt software development kit into its mobile applications to enable out-of-band, multi-factor authentication of online banking, mobile banking, mobile money transfer, e-commerce, call center, in-branch interactions, and more. Using digital certificates and proprietary validation techniques, Transakt converts the mobile phone into a trusted second factor of authentication and introduces an isolated communication channel between the device and financial institution that avoids reliance on the open Internet for user and transaction verification. The process is largely seamless to the banking customer. It avoids one-time passwords or challenge questions, requiring just one tap on a pop-up authentication request. Little to no user education is required.
Entersekt is a provider of mobile security and transaction authentication. The company’s one-of-a-kind approach combines the power of electronic certificate technology (PKI) with the convenience of mobile phones and encrypted cloud messaging to provide financial institutions and their customers with full protection from online banking fraud.
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