Verification-based software provider OneSpan has announced a new significant partnership with global fintech firm Avaloq.

Through the partnership Avaloq will integrate OneSpan solutions into its cloud-based banking platform – providing access to OneSpan’s anti-fraud solutions through an open API.

“We are happy to strengthen our ecosystem by partnering with an industry leader like OneSpan,” commented Avaloq CTO, Thomas Beck

“Thanks to this joint power, we are able to better serve our clients with innovative solutions that help banks and wealth managers reduce the time and cost of an implementation.”

Avaloq, which processes more than an estimated $4.5 trillion in assets, boasts a strong portfolio with banks such as HSBC, Barclays, Royal Bank of Scotland, Deutsche Bank and Societe Generale using its solutions. 

In the announcement, the partnership is said to build on “OneSpan’s strategic global alliances program” which connects integrators and third-party technologies with its trusted identity (TID) platform to enable real-time fraud detection .

The firm will incorporate its anti-fraud solutions into Avaloq’s overall authentication solution; banks will be able to add mobile authentication, transaction signing and multi factor authentication to its offerings.

“Avaloq is a strategic fit for OneSpan given our crossover in customer accounts, mutual focus on financial institutions and the increased demand for embedding our security solutions in core banking platform services,” explained vice president of global alliances, Xavier Juredieu.

“We have already seen quick adoption in Switzerland and Germany and will soon expand worldwide to meet the needs of Avaloq’s customers.”