OneSpan launches virtual room enabling secure transactions

Purpose-built, high-assurance solution combines the simplicity of a consumer video collaboration application with bank-grade identity and authentication security

OneSpan, a digital agreement security company, announced the general availability of its Virtual Room secure cloud service that enables organizations to provide live, highly tactile support to their customers in a high-assurance virtual environment. This next-generation customer engagement solution gives organizations the ability to balance identity security, authentication, and e-signature solutions from the broader OneSpan portfolio with a high-assurance virtual experience that’s the next best thing to to enter a branch or an in-person meeting. Virtual Room complements digital-first transaction experiences by providing organizations with a unique opportunity to create personalized, human-assisted interactions, and improving customer experience, increasing deal completion rates and reducing risk. security and fraud.

“Today, businesses that demand a high degree of security and regulatory compliance rely daily on a variety of technologies that use insecure shared links and expose users to high risks, including data breaches and compliance violations in the economy from anywhere. It shouldn’t be. Organizations and their customers want to be sure that the person joining a virtual meeting is who they say they are. And multimillion-dollar business deals done digitally shouldn’t be subject to fraudulent fallout,” said Matthew Moynahan, President and CEO of OneSpan. “Today’s off-the-shelf video conferencing tools don’t offer optimal security. As the complexity and value of transactions increase, customers want live interaction rather than relying on a virtual assistant or self-service experience. We built Virtual Room for these scenarios to help our clients close a deal or transaction where they need a personal touch and security is paramount.

Combining OneSpan’s heritage in high-assurance identity verification and authentication with agreement co-browsing, web-based video conferencing, rich collaboration features, and integrated electronic signature, Virtual Room helps organizations to engage and transact with customers with confidence. The virtual room can be used for several high-value customer deals, including account opening and maintenance, wealth management, and auto financing.

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The virtual room allows organizations to:

  • Verify the identity of attendees, using OneSpan’s mobile and hardware-based identity verification and authentication solutions;
  • Interact with signers remotely;
  • Simultaneously review documents and answer questions;
  • Capture legally binding electronic signatures in real time; and
  • Record virtual sessions to strengthen electronic evidence captured in audit trails.

A recent report from Aragon highlighted the need for greater assurance within these processes. “It’s important that buyers look for a vendor that has global security compliance expertise in all aspects of the workflow, from the initial stages of identity verification and authentication, to creating a secure virtual interaction environment and securing the end result or artifact of the transaction, for compliance and enforceability purposes. Equally important, buyers should look for a vendor that has the flexibility to adapt any stage of the digital workflow to meet local regulations for digital identity, secure customer authentication, transaction risks and many other security requirements, which differ from country to country. the following.”

As a secure solution for digital agreements with customers where the integrity of the agreement is paramount, Virtual Room enables organizations to embrace a new, more distributed, virtual and dynamic way of working, enabled by advances in cloud technology. With the advent of the economy everywhere and with the increase in the number of transactions carried out online, identity verification and authentication technologies are essential in the process of digital agreements. This purpose-built, high-assurance digital agreement solution includes identification and authentication capabilities that enable organizations to increase the integrity and completion rates of agreements and transactions in a highly secure and protected ecosystem without affect user experience or productivity.

OneSpan helps organizations accelerate digital transformations by enabling secure, compliant, and refreshing customer agreements and transaction experiences. Organizations requiring high security, including the integrity of end users and the fidelity of transaction records behind every agreement, choose OneSpan to simplify and secure business processes with their partners and customers. Trusted by leading global companies, including more than 60% of the world’s top 100 banks, OneSpan processes millions of digital deals and billions of transactions in more than 100 countries each year.

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Lance B. Holton