Credit Europe Bank clients' transactions will be protected by mobile electronic signature

5 December 2019

Credit Europe Bank announces the successful implementation and start of using the PayControl mobile authentication and electronic signature platform in the RBS for legal entities developed by SafeTech, a Russian company, a resident of the Skolkovo Foundation IT cluster. The bank’s clients had the opportunity to safely confirm their financial transactions in the Internet and mobile bank with one movement on the screen of a mobile device.

Credit Europe Bank, as a universal bank providing a wide range of services, pays special attention to creating new high-tech services and ensuring their security. Thus, remote banking services for corporate clients based on BSS’s solution are actively developing in the direction of improving services, providing the possibility of using mobile devices for financial transactions, as well as ensuring their convenience and security. In this regard, for Credit Europe Bank, the task of choosing the technology for generating electronic signatures of transactions and documents directly on a smartphone or tablet has become particularly urgent.

The main criteria for choosing a solution for the formation of a mobile electronic signature are: ease of transaction confirmation on the user’s smartphone, ensuring a specified level of security, as well as minimizing financial costs compared to other signature systems. In the course of a detailed analysis of the solutions presented on the Russian market, the bank chose in favor of the PayControl mobile authentication and electronic signature platform developed by SafeTech, a resident of the Skolkovo Foundation IT cluster.

"The introduction of even the most advanced financial services is impossible without solving a wide range of issues related to improving digital client service channels, ensuring their convenience and security," Alexander Krylov, Head of the Legal Services and Customer Service Development Department, Credit Europe Bank (Russia), said. "It is not always easy to find suitable technologies that meet the modern requirements of clients and business units of the bank itself. But just such technologies — simple and convenient for clients, reliable and affordable for the bank — were provided by SafeTech. We are confident that with the introduction of PayControl, we have received tools to further improve our digital channels."

One of the most important advantages of the chosen solution was that PayControl is already integrated into BSS’s solutions for creating remote banking services used by Credit Europe Bank. Thanks to this, with the help of PayControl solution, secure confirmation of banking operations became possible immediately in two systems: in Internet banking and in a mobile application for legal entities. At the time of payment confirmation on the screen of the mobile device, the client can see all the details of the transaction (number, amount, date, beneficiary’s account, etc.) and has the opportunity to verify their correctness before generating an electronic signature.

The key advantage of PayControl over traditional methods of confirming payments, for example, with a one-time password in an SMS message or in a Push notification, is that the transaction confirmation code is generated directly on the client’s mobile device. The code is tied to the details of the transaction, and its interception by fraudsters will not lead to the theft of funds from the account. An important feature of the solution is that the transaction signature can be generated both online and offline. Thus, to confirm operations from a smartphone, access to the Internet at the time of operations is not required.

"The reliability and security of the RBS system for corporate client is a key priority for BSS," Vitaly Pateshman, Sales Director, BSS, said. "Our good partner, SafeTech, with the latest PayControl solution, helps users easily enhance the protection of confidential data. Clients of Credit Europe Bank can be absolutely calm — nothing threatens their payments."

The use of PayControl solution provided Credit Europe Bank’s clients with the following options for signing financial transactions:

  • on your smartphone without the use of additional devices (tokens or smart cards, password generators);
  • without manually entering payment details and confirmation codes;
  • without delays and cancellation of operations associated with the waiting or non-delivery of SMS messages and Push notifications;
  • one touch on the screen of a smartphone.

"At present, all the leading Russian banks are actively developing their digital service channels. This allows them to offer their clients the most innovative and safe services," Daria Verestnikova, Commercial Director, SafeTech, said. "Credit Europe Bank’s choice of the PayControl platform allowed us to implement the transition from the already outdated methods of confirming transactions via SMS to the most modern technologies for signing financial transactions from a smartphone. In addition to security and convenience, this platform will provide the Bank with technological capabilities for introducing innovative services and full-fledged marketplaces."

Subscribe | All news