Innovative Know-Your-Customer process and strong multi-factor authenticators: The winning combination of the next generation payment platform.
GENEVA & PARIS-Thursday 30 May 2019 [ AETOS Wire ]
(BUSINESS WIRE) -- With its Wega 3DSA 2.0 product, Truxtun Capital has reached an unachieved milestone in the payment industry by releasing the first broadly available FIDO® Certified, multi-factor strong authentication payment solution for consumers. The Geneva-based Fintech uniquely combines several technologies in a mobile app, City Wega, available now on iOS.
Truxtun Capital’s exclusive white label technology solution is leveraging European and global security requirements with a unique online on-boarding and identity validation process. The Wega payment solution developed by Truxtun Capital provides customers with mobile, virtual and physical card products in a simple user experience. Each customer takes control of their own digital identity and security profile on a mobile phone, while activating security credentials such as personalised codes, customer-selected biometrics, and a FIDO, EMV and Mastercard-compliant secure payment card.
Strong customer authentication and secure management of customer identity combats payment fraud, and provides more trust in financial services.
In giving the customer full control of authentication methods, this solution, while reducing fraud, helps banks and eFinance institutions to increase their overall service value and usage. Typical customer usage includes secure access to financial applications and services, access to bank account balances, card to card transfers, third party payments and much more.
With Truxtun Capital’s white label technology, Financial Service Providers can leverage identity profiles and trusted strong authentication in order to ensure safe message and document deliveries to their customers. Each trusted identity account encloses a secure data repository (electronic safe box) used to store customers’ personal and financial documentation, including financial statements, payment slips, transfer notices, and approved customer confirmations.
The Wega City Supporter’s Card is Available Now
This state-of-the-art payment method is currently available through Truxtun Capital’s Wega partnership with Manchester City Football Club. Fans and interested parties alike can download the iOS City Wega app, available in the UK, and order a Wega City Supporter’s Card fully equipped with all of the specs listed above, including patented Acoustic Technology. Wega 3DSA 2.0’s patented payment card with Acoustic technology is a cutting edge solution to prove the card is present at the time of any digital transaction by using a secret element issued by the card itself, a dynamic and different set of notes delivered by a press of the Mastercard logo on the card. The sound is unique every single time and is accepted through the Wega mobile app, to provide proof of approval of purchase, almost exactly like giving the card itself at the moment of purchase. This feature is currently being used as an option for logging into the app, but is earmarked for future use in completing and validating purchases.
Truxtun’s Wega Card is FIDO Certified, which means it has been validated as complying with FIDO specifications for simpler and cryptographically secure consumer authentication.
Truxtun Capital’s next steps
Truxtun Capital is conducting a continuous market evolution watch, and systematic innovation research in various fields such as:
3DS Secure friction-less authentication, and proven customer confirmation documents
Convergence between virtual and physical world authentication solutions, in a search to optimise biometric usage and its components
Truxtun Capital's groundbreaking field and intelligence analysis are being achieved with the sole purpose of a transparent technology strategy in identity management and financial information security.
Patrick Moynier, President of Truxtun Capital said:
“We are very pleased that the Wega City Supporter’s Card, already well in advance of the requirement to adapt to new banking regulations introduced in Europe for strong customer authentication, fully meets all standards and new requirements today, here and now, offering a unique product to all regulatory requirements of PSD2 and the RTS (Regulatory Technical Standards), eIDAS and GDPR.”
Andrew Shikiar, Chief Marketing Officer of the FIDO Alliance, said:
“Truxtun’s Acoustic technology introduces an innovative way to provide simpler and stronger FIDO Authentication to consumers making digital transactions. With the Wega City Supporter’s Card now available, City fans will benefit from the strong security, privacy and convenience that FIDO Authentication provides.”
About Truxtun Capital
Truxtun Capital has developed a state-of-the-art financial payment solution and digital platform, providing the most robust and secure payment method on the market. Through the City Wega app, Truxtun Capital oﬀers a FIDO Certified Mastercard with patented Acoustic Technology, and advanced security features which include biometric verifications - making it virtually impossible for anyone to access your account other than you.
About the FIDO Alliance
The FIDO (Fast Identity Online) Alliance, fidoalliance.org was formed in July 2012 to address the lack of interoperability among strong authentication technologies, and remedy the problems users face with creating and remembering multiple usernames and passwords. The FIDO Alliance is changing the nature of authentication with standards for simpler, stronger authentication that define an open, scalable, interoperable set of mechanisms that reduce reliance on passwords. FIDO Authentication is stronger, more private, and easier to use when authenticating to online services.
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