Corporate
June 24, 2020
Architecht completes SaaS transformation of multi-factor authentication product
The SaaS transformation of Architecht’s PowerFactor product, which provides multi-factor authentication services to banks and financial institutions has been completed. Therefore, banks and financial institutions, as well as all mobile application owners, will be able to integrate their mobile applications with PowerFactor over the cloud and perform multi-factor user authentication.
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Founded by Kuveyt Türk, one of Türkiye's leading participation financial institutions, Architecht, which continues to grow with innovative products and services in the field of financial technology, continues to stand by financial institutions with its digital products.
The SaaS (Software as a Service) transformation of Architecht’s PowerFactor product, which provides multi-factor user authentication services to banks and financial institutions. Thanks to this transformation, banks and financial institutions, as well as mobile application publishers who need authentication solutions, can now provide user authentication by integrating their mobile applications over the cloud easily.
"The whole sector will now be able to use PowerFactor"
Commenting on the issue, Architecht’s General Manager, Dr. Mücahit Gündebahar, stated, "As a software company that develops and exports innovative technologies in sectors such as financial technologies and security, we intensively continue our work. We offer vital security solutions for financial transactions. PowerFactor’s multi-factor authentication ensures the security of nearly 2 million banking and finance customers using more than 25 mobile applications from a variety of banks. As a result of our work, we are happy to offer PowerFactor as SaaS for all sectors that need authentication."
What is PowerFactor?
PowerFactor is a multi-factor authentication (MFA) solution that provides simple and secure authentication for banking and finance mobile applications. This method, also known as the multi-step authentication method, allows the user to log in to a mobile application by setting a 6-digit PIN after verifying the customer's device through "device as a token". Optionally, the user can also add a biometrics factor and securely access the mobile app. Its Passwordless approach offers customers a fast login experience to the mobile branch without the need for using their banking password. In addition to mobile and web verification, PowerFactor provides its customers additional protection by allowing approval via smartwatch or QR code, particularly for transaction verification. Situations that may pose a risk, such as network attacks, can be avoided thanks to PowerFactor’s robust security infrastructure. In case of attempted fraud, security is maximized, and customers' accounts are protected against hackers.
PowerFactor is easy to install and can run both as SaaS and in the local cloud. It offers financial institutions a separate management interface to track transactions, performance, and errors. In this panel, institutions can set channel features and manage customer activations. At the same time, PowerFactor is compliant with the new legal regulation that does not allow mobile branch login via SMS for security reasons and enables institutions to use encryption algorithms supported by current technologies in accordance with the legislation.
What do financial apps gain with PowerFactor?
- Customer account security
- User authentication management in a single environment
- 50% cost optimization
- Prevention of financial losses due to attempted fraud
- 6-digit numeric PIN entry for enhanced customer experience
- Alternative verification channels such as biometric verification, QR code, and smartwatch
