To tackle risks of confidentiality during the coronavirus outbreak, ConnectPay has released a new mobile application to help ensure payment security and prevent data breach during the vulnerable market conditions.
Getting rid of third party authorization while enhancing payment security was reportedly the main motivator behind the ConnectPay App launch. In order to better protect client data, TransUnion (formerly Iovation) provided ConnectPay with critical authentication components for a comprehensive fraud prevention framework development to be moved in-house.
“Having a third party to authorize payments may lead to a bunch of risks that aren’t always accounted for. This is one of the main reasons we decided to develop our own payment verification solution,” said Marius Galdikas, CTO at ConnectPay. “By moving the matter in-house, we can closely monitor transaction security, eliminate the risk of data breach due to third party system flaws, and assure our clients, as well as their customers, that, if any problems arise, they will be handled in a timely fashion.”
Currently, the application offers multi-factor authentication to verify payment transactions, however, Galdikas notes, the current version of the app is only at the beginning of its roadmap. The company aims to make all digital banking services available at their clients’ fingertips, as more features will be rolled out in the foreseeable future. The end-goal is to create an all-round mobile solution for all digital banking and payment transaction related services, which is fully independent from third party vendors.
“This is a continuation of the new ecosystem development: the absence of the middleman will increase payment transparency and better protect sensitive information from external threats,” explained M. Galdikas. “Many organizations, even with robust security systems, have fallen victim to privacy breaches due to susceptibility of third parties they are affiliated with.
"That’s why shifting focus to developing an in-house product enables us to bring more technologically sophisticated and secure solutions for the industry. Additionally, this will enable us to reallocate time and other resources to R&D, and, in turn, provide the market with more solutions that could benefit their business and increase profitability.”