June 22, 2024

Wavz And Nevis Partners To Combat Banking Sector Cyber Risks

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WAVZ for Digital Transformation and Nevis Security AG recently announced their partnership to combat cyber risks in the banking sector.
Wavz-Nevis Partnership To Combat Cyber Risks in Banking Sector-Amr Esmat CEO & Managing Director WAVZ For Digital Transformation-Image Credit:- WAVZ

WAVZ for Digital Transformation, a leading provider of digital solutions in the MEA region, and Nevis Security AG, a leading specialist in secure login solutions, recently announced their partnership. Industry sources added that the aim of this partnership is to combat cyber risks in the banking sector and enable a seamless customer experience. The collaboration combines WAVZ’s expertise in digital transformation with Nevis’ secure login solutions.

Industry sources further added that as a digital transformation in the banking sector advances, consumer expectations are on the rise. For businesses and financial institutions, enhanced customer engagement strategies are crucial to meet these demands.

However, on the other hand, cyber threats in the financial sector are rapidly increasing worldwide. The major risks include fraud, data and identity theft, and money laundering. Additionally, banks are facing stricter regulations and laws such as the Second Payment Services Directive (PSD2), Anti-Money Laundering (AML) regulations, Combating Financing of Terrorism (CFT) regulations, the General Data Protection Regulation (GDPR), and Customer Due Diligence (CDD) process requirements, which include customer identity verification (Know Your Customer, KYC).

“Data security, compliance, and a seamless customer experience are top priorities in the banking sector. Nevis’ solutions meet these requirements through robust security measures, compliance features, and seamless authentication methods,” explains Amr Esmat, CEO and Managing Director of WAVZ. “With features like Single Sign-On, Multi-Factor Authentication, consent and preference management, federated identity management, and customer data analysis, not only can the security of a bank account be ensured, but personalized recommendations based on customer preferences can also be provided. This greatly enhances customer satisfaction and loyalty.”

Stephan Schweizer, CEO of Nevis Security AG

“We look forward to future collaboration with the experts at WAVZ,” stated Stephan Schweizer, CEO of Nevis Security AG. “We support banks and financial service providers in the MEA region in implementing a simple and secure solution for authenticating their customers. With our new three-tiered Win-Win-Win strategy, we aim to address the ongoing digitization in the ME/A region and provide secure access controls and identity management. Therefore, we will invest heavily in employees and partners like WAVZ, who bring the necessary expertise to build a global network. With WAVZ, the first step is taken, and we would be delighted to welcome further partners.”

Industry sources also added that compliance with these various regulations and processes is critical to ensuring data protection, preventing financial crime and terrorism financing, and maintaining customer trust. With Nevis’ solutions, banks can implement robust authentication, authorization, and automated fraud detection tools to protect sensitive customer data and prevent unauthorized access to accounts.

Industry sources also added that these solutions enable a smooth and personalized customer experience through seamless login processes across multiple channels, making it easier for customers to access their accounts or other services. Furthermore, banks can leverage customer data to offer tailored products and services that not only enhance customer loyalty but also maximize business potential, providing a competitive advantage for financial institutions.

Industry sources further confirmed that Nevis’ solutions feature an open API architecture, allowing for easy plug-and-play implementation. They significantly reduce time-to-market for banks and financial service providers, as they enable quick and easy customization of individual solutions.

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