September 1, 2021
Interview with Dr. Mücahit Gündebahar, Fintechtime Magazine September-October Issue
We are happy to see you again Mr. Gündebahar. Fintechtime closely follows Architecht`s product investments, and we had a pleasant interview with you about your Airplatform product in the past months. As we agreed in that interview, today we would like to hear about your multi-factor authentication product, PowerFactor.
As you know, incidents of cyber-attacks and online fraud are increasing. Architecht provides solutions to these problems/risks with PowerFactor. Can you tell us about PowerFactor's competencies?
PowerFactor is a comprehensive product that includes multi-factor authentication, mobile app and device security, and secure transaction verification competencies.
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 using a fingerprint or facial recognition.
Mobile App & Device Security:
With its advanced security infrastructure, PowerFactor is able to detect, block, and respond to potential cyber-attacks. This prevents situations that may pose risks, such as network attacks during the transaction.
Secure Transaction Verification:
In addition to mobile and web verification, in secure transaction verification, PowerFactor enables customers to make their transactions securely with alternative methods by enabling approval via a smartwatch, mobile notification, or QR code.
I know that you have recently completed the SaaS transformation of PowerFactor. We can now use both the prime and SaaS versions of the product. Could you share the conveniences provided by the SaaS transformation with us?
We can explain this under a couple of headings:
Fast and easy implementation
IT teams do not have to deal with any long and difficult installation processes. PowerFactor's software development kit is quickly and easily implemented into our customers' mobile applications.
Another advantage of our SaaS transformation is that it provides flexibility to our customers as they can easily change their usage plans depending on the number of users.
No hardware, middleware, or software needs to be purchased, installed, updated, or maintained. This means no training, testing, maintenance, and server costs for PowerFactor users.
Always up to date
At Architecht, we carry out the updates and technical improvements for PowerFactor. Therefore, our customers always have access to the most up-to-date version of the program.
You are planning to introduce PowerFactor, which is used with high customer satisfaction by major banks and financial institutions across Türkiye, to all mobile applications. I would like to hear from you about the objectives of your product in this new period.
In both Türkiye and the rest of the world, banking and finance are the leading sectors where security is ensured with the most advanced technologies. PowerFactor is already working securely in more than 25 mobile applications for four financial institutions. To date, a total of 660 million transactions by nearly 3 million end users have been carried out securely with PowerFactor through financial institutions. These numbers are a very important reference for us. Besides banking and finance, PowerFactor also meets the authentication, application, and device security needs of the online shopping, healthcare, and mobile gaming sectors.
As you closely follow, the number of digital products continues to increase due to the pandemic. In particular, mobile applications are among the most preferred digital products thanks to their ease of use and practical operational processes in our daily lives. We have hundreds of mobile applications in health, finance, sports, marketplace, transportation, market, food, clothing, and many other fields at our fingertips. We can say that it is no longer possible to imagine a life without mobile applications. Although digitalization and mobile applications make our lives easier, cyber-attacks and online fraud are on the rise, causing legal and reputational negative effects as well as financial costs for companies. PowerFactor protects companies against these negative impacts while enabling them to securely authenticate their end customers' logins and transaction approvals.
In short, almost every mobile app contains a lot of vital information, including our personal and financial information. As such, security has become one of the most critical issues. As I mentioned before, PowerFactor aims to provide our considerable experience in the financial sector, where high security is of utmost importance, to all mobile application owners as a strong security solution.