Even long-established financial service providers need to move with the times. Quilvest’s younger clients were particularly keen to use WhatsApp to communicate with investment advisors and manage their banking affairs conveniently and quickly. However, this was not a viable long-term solution because legally binding bank transactions cannot be concluded based on communication in a messenger service of this type. Quilvest was committed to offering its clients maximum convenience but within a framework that satisfied data security and confidentiality requirements. With this in mind, Quilvest developed a new platform that also enabled secure communication via a chat function. This platform also meets the need for a new authentication method backed by a firewall for setting up e-banking.
The service provider Adnovum, whose experts in engineering, security consulting and software solutions, have worked with Quilvest (Switzerland) Ltd. since 2016, was commissioned to implement the plans. For this project, Adnovum developed the AccessApp, while its partner Nevis was responsible for the secure login solution. Nevis is the market leader in Switzerland for identity and access management services and secures over 80 percent of all online banking transactions.
As part of the security infrastructure for banking clients, Nevis supports Quilvest (Switzerland) Ltd. with a combined solution comprising a proxy server, IDM, web authentication firewall infrastructure and AccessApp with a cloud solution. The Nevis Authentication Cloud is used for authentication. As a general rule, there are two possible authentication methods: clients can log into the web portal and enter their contract number and password. They then receive a push authentication in the app. To verify their identity, they use a PIN or fingerprint/face ID. Alternatively, clients can open the mobile banking app. In the app, they enter their contract number and receive a push notification that they must confirm – also using a PIN or fingerprint/face ID.
Renewing the Nevis components as part of the project implementation was straightforward for Quilvest because the products had already been in use for several years. However, the company required more support for the AccessApp, especially when it came to branding the solution. During the test phase, Quilvest gained valuable insight into what devices clients used and what devices the AccessApp needed to be offered on. This was an important consideration because only the latest smartphone models come with the necessary security chips installed.
«The access app has proven to be an attractive product that’s easy to use but offers maximum security for e-banking and mobile banking.»