Encap has today announced it has been selected by Mindware to provide its unique two-factor authentication for use in its suite of banking and financial services software.

For a decade Mindware has been helping fledgling financial institutions to grow, with its MIND-xQ software platform enabling rapid growth by offering a ready-to-use core banking system for day-to-day operations and the ability to add additional modules to enhance functionality when required. The software has been deployed by retail banks, credit unions, government treasuries and a variety of other financial institutions across the Nordic, Baltic and CIS markets.

Encap enhances Mindware’s MIND-xQ software by providing a familiar and intuitive authentication experience across all points of access – PC, tablet or mobile – and can be applied to any device independent of existing system or operator network. Unlike any other two-factor authentication process (where the user provides something they have such as a card or mobile phone, and something they know such as a PIN or password), Encap’s proven software delivers a ubiquitous security solution that is highly scalable, easy to integrate and drives end-user adoption of financial services. It is quick, easy and convenient to use, and removes the need for costly and cumbersome tokens, SIM/SD cards or one-time passwords. Instead, consumers use their personal mobile device to provide secure access.

The Encap authentication solution is integrated into the following Mindware products to enhance both security and convenience to drive service adoption.

• MIND-xQ Core Banking System: a complete system that fulfills the needs of any small to medium banking organization, including account management, internal, domestic and cross-border payments, cash and treasury management, and overdraft management. Encap’s authentication solution will mean employees can manage banking activities where ever they are.
• MIND-xQ e-banking System: a convenient, simple system for financial institutions that allows customers to manage their money via the internet or smart device. Encap’s authentication solution ensures simple, secure and seamless access to financial services regardless of location, system or device.
• Treasury System: an “in-house banking” principle for governmental institutions responsible for managing and supervising the spending process of the state or a private institution’s budget. Using the Encap solution, Mindware can offer treasury managers the ability to fully manage system activities remotely and securely via a single account.
• Encap Authentication: Mindware will also offer the Encap solution as a standalone product for more established banks looking to save money and give their customers and employees a more convenient way to access financial services.

“99% of transactions in Estonia are carried out online,” said Peeter Klanberg, CEO, Mindware. “This is a pattern common in developing markets that are rapidly leapfrogging traditional banking markets by embracing new technologies like mobile and the cloud. Encap helps us to provide our customers with cost effective, secure access to financial services, increasing customer adoption by eliminating traditional hardware authentication.”

“Mindware are allowing financial instutions in developing countries to be agile, to be dynamic and to offer services more advanced than those in supposedly developed countries,” said Thomas Bostrøm Jørgensen, CEO, Encap. “By working with Encap they can also offer a secure authentication solution that gives their customers and employees access that doesn’t encumber them with extra hardware and without breaking the bank.”