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Sentrycs Identification-as-a-Service for Internet Pull Payments.

Updated: Aug 21, 2023

Sentrycs Identification-as-a-Service for Pull (Payer Bank acc. Debit) Payments is live.

EU PSD2/RTS regulation, to be in effect on December 31, 2020, will require all Internet Payment Service Providers (PSPs) to provide Strong Customer and Payment Authentication for customer-initiated Payments.

About Sentrycs Identification-as-a-Service:

Sentrycs is a patented, multi-factor, context- and risk-aware, Strong Identification-as-a-Service (IDaaS) for Online Access and Real-Time Payments. This is the first simultaneous by-design, online identification, and transaction authentication solution. We want to authenticate both the user’s identity and the transaction request— "who" and "what"—to ensure that nothing has been altered along the way and to save time! It also resolves the endpoint vulnerability issue: "What You See is Not What You Get!".

Our Solution for Pull (Debit) Payments.

Applicable for E-Commerce Merchants or Gig Economy (all they need is a Bank Account): To ensure compliance with EU PSD2/RTS/SCA: Sentrycs Strong Customer Authentication is based on following: Possession-something only the user possesses- smartphone, feature phone, or landline phone; and knowledge-something only the user knows- the PIN. To enable Transaction Risk Analysis -additional elements are also provided: Geolocation pattern matching, Browser Fingerprinting, Behavioral Biometrics (smartphone users only),. An extra security element is the Dynamic Link of Customer Authentication to Amount and Payee, thus providing Payment Authentication. Malware protection is based upon our patented Cognitive validation of the payee account. To ensure security resilience to malware attacks- the Independence of channels is implemented as follows: Initiation of payment or account info - in the Internet browser and strong authentication - in the smartphone application. But no data is transferred between the Internet browser and the smartphone application. For a demonstration of Internet Payments, Banking Transfers, and Crypto Transfers: The Demo Link This demo shows that high-risk transactions can be completed in less than 15 seconds from Buy @ Shopping Cart to Purchase Confirmation on Merchant's site. To further ensure resilience to fraudsters attack: Knowledge: brute force attack against PIN is limited to five attempts; on Possession: replication is prevented using multiple smartphone elements. To enroll in Sentrycs IDaaS - Payment services users (PSU) will perform two-tieridentificationo before obtaining the authentication software application and activation code to their registered email address. Sentrycs offers convenient web-based integration with Banks and Payment Service Providers using its proprietary API. Integration with the merchant sites accomplished by seamless redirection of Payment services users along the route: merchant>PSP>Sentrycs>PSP>Bank>merchant. This allows a critical Value Proposition for a Merchant: "One-click" buy at the merchant site since the user enters no payment data. This allows a critical Value Proposition for a PSP: Immutable proof-of-transaction between the payment services user and the provider is resilient to malware attacks, thus preventing costly customer disputes and chargebacks.

And most importantly – for customers,

It brings more security AND less friction: no more forms filling for payment data. Customers perform secured "one-click buy" using a "cloud-based wallet" and their key.

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