For­tu­na­global in­tro­duces Af­flu­ence Soft To­ken to en­hance dig­i­tal se­cu­rity for bank­ing

Daily Mirror (Sri Lanka) - - FINANCE -

Colombo-based For­tu­na­global (Pvt.) Ltd, a leader in om­nichan­nel bank­ing soft­ware so­lu­tions for Sri Lanka’s Fin­tech sec­tor has started rolling out its soft­ware to­ken so­lu­tion to lo­cal banks.

Of­fer­ing up a higher level of se­cu­rity that is time based, this so­lu­tion is a bet­ter op­tion when com­pared to the more ex­pen­sive hard­ware to­kens.

Part of For­tu­na­global’s Af­flu­ence om­nichan­nel bank­ing and fi­nan­cial ser­vices plat­form, which is widely rec­og­nized as be­ing the bench­mark for Sri Lanka’s Fin­tech sec­tor, the Af­flu­ence Soft To­ken is a soft­ware-based se­cu­rity to­ken that gen­er­ates an One Time Pass­word (OTP).

For banks and fi­nan­cial in­sti­tu­tions that are look­ing to in­tro­duce ad­di­tional lay­ers of se­cu­rity, es­pe­cially for over­seas clients who sig­nif­i­cantly ben­e­fit from a short-lived OTP via SMS, this so­lu­tion of­fers a great re­lief from a ma­jor pain point. Fur­ther, easy in­te­gra­tion, via stan­dard APIS, with any third party so­lu­tion is an added ad­van­tage. Im­por­tantly, the so­lu­tion works seam­lessly with any bank’s ex­ist­ing In­ter­net Bank­ing or Mo­bile Bank­ing so­lu­tion. A re­place­ment for hard­ware to­kens, this so­lu­tion pro­vides a dis­tinct OTP for each ac­tiv­ity, from a shared se­cret key that is unique to the mo­bile ap­pli­ca­tion in­stalled on one’s smart de­vice. Af­flu­ence Soft To­kens add even greater lev­els of se­cu­rity to Af­flu­ence-based bank­ing trans­ac­tions since, even if an user’s tra­di­tional pass­word is stolen or com­pro­mised, at­tack­ers can­not gain ac­cess with­out the OTP, which changes af­ter a set pe­riod of time.

The ben­e­fits of the Af­flu­ence Soft To­ken also in­clude its flex­i­bil­ity and ease of use, while also be­ing very cost ef­fec­tive in com­par­i­son to the more ex­pen­sive hard­ware to­kens. An OTP can also be gen­er­ated off­line, with­out the re­quire­ment of any sort of net­work cov­er­age.

Fur­ther, the Af­flu­ence Soft To­ken also of­fers nu­mer­ous other fea­tures, from se­cure trans­ac­tions with two fac­tor au­then­ti­ca­tions, to al­low­ing end-users to se­curely gen­er­ate the OTP from their de­sired mo­bile de­vice, as well as giv­ing them the op­tion to re­voke and re-ac­ti­vate Soft To­kens us­ing the same sim­ple ac­ti­va­tion process. It even pro­vides en­hanced com­pat­i­bil­ity with a wide range of mo­bile de­vices.

Com­ment­ing on the launch, For­tu­na­global CEO Suren Ko­hom­bange said: “Not only is our Af­flu­ence Soft To­ken so­lu­tion cost ef­fec­tive com­pared to more ex­pen­sive hard­ware to­kens, it also of­fers greater se­cu­rity. At the same time, it con­tin­ues to be flex­i­ble and sim­ple to use. All the hall­marks of a revo­lu­tion­ary prod­uct that can help banks and fi­nan­cial ser­vice com­pa­nies im­mea­sur­ably.”

For­tu­na­global’s Af­flu­ence suite of B2B and B2C dig­i­tal bank­ing so­lu­tions cur­rently pro­vides next gen­er­a­tion ser­vices via an omni-chan­nel plat­form that fast tracks and evolves the de­liv­ery of bank­ing and fi­nan­cial ser­vices, while at the same time sim­pli­fy­ing them for bank­ing staff and end-con­sumers.

Af­flu­ence Soft To­ken

For­tu­na­global CEO Suren Ko­hom­bange

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