Open Banking Ecosystem, Fabrick and Crédit du Nord, a French retail banking group comprising nine regional banks, have launched Identity Check Mobile (IDCM) to make biometric authentication available to cardholders for remote transactions.
On the 1st of January 2021, the final piece of PSD2 came into full effect: banks are now required to follow strong customer authentication for most card transactions. The PSD2 requirement for strong customer authentication for most card transactions, combined with the recent mandate on biometrics requiring that issuers make biometric authentication available to cardholders for remote transactions, has increased the importance of simple and rapid authentication solutions. Crédit du Nord has selected Fabrick’s IDCM solution to meet these vital requirements for its French customers.
IDCM provides a secure and easy way for users to identify themselves while shopping online. As part of the payment authorisation process, users receive a notification on their phone which asks them to identify themselves using secure biometric data via their mobile phones, comprising fingerprint, face or voice recognition.
The growth in e-commerce, which has accelerated during the covid-19 pandemic, has also led to an increase in fraud. IDCM addresses consumers’ security fears, while delighting them with its ease of use which is also helping driving adoption.
Fabrick’s IDCM solution has been integrated into a new standalone white-label app configured with Crédit du Nord’s own branding and published on app stores under the name of “Mon epaiement sécurisé”. The versatile IDCM solution also enables banks to integrate the IDCM Software Development Kit (SDK) developed by Fabrick into their existing mobile banking or payment app simplifying the time-to-market of IDCM, while still being able to support the main credit card system providers according to customer needs.
Fabrick’s pioneering platform and ecosystem supports the collaboration of fintechs, corporates and financial institutions to design the future of banking. Working with partners to deploy cloud-based products like IDCM is an example of that vision brought to life. IDCM allows banks and fintechs to make the most advanced biometric authentication services and technologies available to their customers.
For Laurence Deschuyteneer, Head of Payments within Crédit du Nord group: “The growth of e-commerce, which has been accelerated by the pandemic, places the risk of fraud at the centre of the concerns for online shoppers. Crédit du Nord responds to this major concern of its private, professional and corporate clients: this application guarantees strong customer authentication meeting the requirements of regulations on payment services. The app is both an additional anti-fraud system as well as a secure shopping experience.”
Marco Casartelli, Deputy CEO of Fabrick commented: “Strong customer authentication that harnesses the power of secure biometric data is an increasingly vital part of modern banking, providing the convenient and protected transactions that customers demand. We are proud of our collaboration with Crédit du Nord and this is an opportunity to embark on an innovation journey with them. The partnership confirms our role as a trusted partner for leading banks and fintech companies across European markets. Crédit du Nord is a company that understands the material advantages that technological innovation and open banking bring in terms of delivering their end customers with value-added services such as robust security and easy-to-use authentication.
“Our IDCM solution brings together the integration between the credit card circuit players and banks creating efficient internal processes for our partners and benefits for their customers. Fabrick’s track record in leading innovation is the ideal accompaniment to maintaining a competitive market position.”