Irish online authentication company Touchtech has announced it has signed its first contract with Optimus Cards Group, a leading provider of payment card services across the UK and Ireland. This follows becoming a Mastercard SecureCode approved vendor.
Touchtech is also planning to recruit 40 high quality technical and marketing positions over the next 3 years to accelerate the growth of the Company over a number of geographical regions as well as enhancing its product proposition for the increasing sophisticated world of online authentication.
Touchtech is one of Ireland’s leading start-ups and has recently been acknowledged as a high potential start-up (HPSU) by Enterprise Ireland and has been awarded €250,000 in initial matched funding with a commitment for a further €100,000 based on future developments.
The Dublin-based company specialises in online authentication, with the aim of improving both the security and usability of traditional, password-based authentication methods. Their solution, TAP, uses mobile technology to replace the need for passwords when shopping or banking online. The deal with Optimus Group will see the company’s authentication product being rolled out in Credit Unions across the UK and Ireland.
Under EU law the new Payment Services 2 (PSD2) Directive will come into force in January 2018. Under this Directive, all EU Financial Institutions must have “strong two factor customer authentication”. Currently, many banks in the EU use only one factor, a password, to protect their customer account. Touchtech has developed innovative and unique solutions which meet the existing PSD2 technical standards.
John Power, CEO at Touchtech said, “We look forward to partnering with Optimus Cards Group who share our goal to provide simple and accessible card payment products that are easy for developers to implement and easy for Credit Union members and Bank customers to use. This initial roll-out is part of our wider plans to build our presence in the banking sector where an authentication solution such as ours can deliver significant benefits in terms of a better user experience, reducing costs and enhancing fraud protection. We are confident that we can build on this success with the strengthening of our board, and are delighted to welcome such renowned individuals who bring vast experience across finance, technology and business.”
For more information visit https://touchtechpayments.com/