Posted on August 15, 2016 by Nevlynn Janssen
Founder and COO Denis Joannides has now entered partnerships with Samsung SDS and Infosys. Especially the FinTech industry needs to benefit from the "mobile security platform of Onegini.
Denis, how would you describe Onegini in one sentence?
"Onegini's platform provides out-of-the-box security for mobile consumer applications and protects sensitive consumer data with the best user experience."
What does Onegini mean for companies?
"What we provide is a fast and secure way to make mobile apps and websites for their customers, they do not have to worry about the safety and security of their apps. Our main task is to ensure that your data end up safely in the right places and that you as an organization maintain full control. We offer, among other things, the possibility to perform transactions with a single click, for example with a PIN, fingerprint, facial or voice recognition."
What makes Onegini unique?
"Currently there are various organizations on the market that can do parts of what we do. In addition, their software is often based on old technology. Onegini offers a total solution based on open standards. We work with companies that add specific functionality, such as Mitek or WebID for online identity validation."
What do you do differently?
"We are much more looking at the purpose of the app or website and what is needed to unlock data to the internet through various channels. We offer the whole rather than the sum of its parts and that is reflected in our solution. So we, for example, can deliver an iris scan option that can scan your eyes even when it’s dark. "
What market niche do you address?
"It is a very young and dynamic market. Organizations that want an app, underestimate complexity. Reality shows that eighty percent of development time is spent on cyber security. The events in this area follow each other in rapid succession, which makes it even more complicated to build an app. Banks such as ING have built their own app, but for most organizations, this is not feasible due to the high costs and long lead times.
We provide an infrastructure in the form of software to banks and insurance companies so that they can build their services on top, making it their own solution. So far there is no other vendor that offers this. They do not have to invest in technological complexity. We also bring speed, because they can practically start the next day. "
Why is securing an app so important?
"If you develop an app, especially for Android, anyone can access it from the outside. Eighty percent of Android devices are infected. Unfortunately Android is much weaker in security than iOS. There are often small viruses in apps on an Android phone because apps can be downloaded much easier. iOS devices have a much stricter control but are still at risk. As a bank app you need to be aware that other apps can infect your app. There is a clear trend organizations interact with people through a variety of channels. This makes mobile devices extremely interesting for cybercriminals. "
How do you make sure you keep up with hackers?
"Sixty percent of our people work in development and every week we have an knowledge exchange session. We are very keen on this. We train people from a security point of view before they develop software. We teach them to think like hackers so that they can overcome our weaknesses. We have a team of thirty people and work from both the Netherlands and Gdańsk (Poland). In Poland there are many people with the right skills and it is also convenient to sit in the middle of Europe. It is easier to find ten people in multiple locations than fifty people in one location. "
Who are your competitors?
"We have no competitors that offer the same complete solution as we do. In the banking world ‘hardware tokens’ are commonly used, these hardware tokens are physical devices that allow you to log in and authorize transactions. But can only be used for just that. Onegini also provides the authorization, security at the back, securing your APIs and your app. "
Who is already using Onegini?
"We currently have more than twenty customers, majority from the Netherlands and Belgium, e.g. Van Lanschot banking, NN bank, but also abroad as Qudos - an Australian bank. We are now scaling up globally. Organizations such as Aegon, Belgacom / Proximus, NS (Dutch Railways) and IAK are now working with our software. We have several partnerships, including one with Infosys, the largest integrator of India, and a partnership with Samsung SDS. We are currently in discussions with a large number of potential customers in Dubai and South America, which will grow our portfolio of customers worldwide significantly. "
What does your business model look like?
"We earn from licenses we sell and consultancy projects we do. Besides Infosys and Samsung SDS, we work with partners such as application developers and system integrators. Currently we are at around twenty licenses, including EdgeVerve. These licenses are an ongoing service for a fixed amount per year. "
What have you achieved so far?
"We are an independent company and in December 2015 we picked up 1.5 million Euro in funding, so that we could grow. In a short time we have grown to twenty banks and insurers that have implemented our software into their app or website. In addition, we recently partnered with Samsung SDS and EdgeVerve Systems, a wholly-owned subsidiary of Infosys with who we will set up our Fin2mobile ecosystem, we will launch later this year. With this ecosystem we want to bring together customers, partners and opinion leaders. Our ultimate goal is to give a billion people access to safe mobile services from banks and insurers within five years. "
Credits: Pieter Paul van Oerle and Vivianne Voos
Original post in Dutch can be found here