Stripe has announced that it has acquired Touchtech Payments, a Dublin-based software company (backed by Enterprise Ireland) that provides advanced SCA-ready authentication (Strong Customer Authentication) technology for Europe’s most innovative startups and challenger banks.
Strong Customer Authentication is a new EU regulation coming into effect on September 14, 2019, will radically change the way European customers buy online. As a result, the internet payment landscape is going to change a great deal, and both banks and businesses operating online are going to have to adapt.
Touchtech’s focus is on making it straightforward for banks to provide the best authentication experience to their customers. Their technology is used on a daily basis by companies like N26, Transferwise, and many others, to enable frictionless and secure authentication on mobile and desktop.
“Touchtech adds yet another layer to the economic infrastructure Stripe is building for the internet, which is designed to help businesses comply not only with SCA but also with the entire next generation of regional payment regulations,” said Will Gaybrick, Stripe’s Chief Product Officer.
Touchtech will be moving from its current offices in DCU’s Alpha campus to Stripe’s R&D hub in Dublin
We’re excited to welcome Touchtech to Stripe: https://t.co/yjcgkurhZp.
Touchtech builds software that helps banks enable frictionless and secure payment experiences. We’re looking forward to supporting their work to improve the online payments ecosystem.
— Patrick Collison (@patrickc) April 17, 2019
“Stripe has given us more resources, a bigger reach and a great opportunity to continue what we’re doing,” said Niall Hogan, Touchtech CEO, and co-founder.
“Touchtech has built up huge strength in their technology, designing and developing an identity verification solution which makes payments easier and more secure,” said Julie Sinnamon, Enterprise Ireland CEO. “The acquisition of Touchtech by Stripe, a company with its own Irish roots, reaffirms the high-quality credentials of Irish startups.