[PRAGUE, 28/03/2024] — Wultra, a leading provider of modern authentication and security solutions, sits at the forefront of Moldova's banking sector transformation by supporting the country's journey towards European Union membership. As Moldova begins EU accession negotiations, which the European Council decided to open in December 2023, its banking sector is undergoing significant changes related to digital banking security to meet EU regulatory standards.
Moldova's EU Aspirations and Banking Revolution
Moldova's journey toward EU membership marks a pivotal phase in its history. As it gears up for European legislative compliance, the country’s banking sector is witnessing a remarkable shift toward advanced security measures, including the adoption of the Payment Services Directive 2 (PSD2). Complying with EU banking standards like PSD2 isn't just a regulatory requirement but also a strategic move to integrate Moldova’s banking sector with Europe’s economic system.
Leveraging Expertise to Support Moldova’s Banking Progress
The developments currently taking place in Moldova’s banking sector present unique opportunities for companies experienced in the EU market. Czech firms, including Wultra and its partners like Finshape, are applying their EU market expertise to significantly contribute to Moldova's economic growth and technological advancement. This involvement shows these organizations’ dedication to collaborating with leading financial institutions in Moldova to share valuable knowledge within the broader European financial landscape.
Wultra's Solutions and Impact
Amidst this transformative phase taking place in Moldova, Wultra's cutting-edge solutions in mobile-first authentication and in-app protection are propelling prominent Moldovan banks, such as Moldindconbank, OTP Moldova, and Victoriabank, to not only meet but surpass EU compliance standards.
Wultra's technology empowers these banks to bolster security against digital threats, enhance customer experience, and foster trust — each of which are pivotal elements as Moldova draws closer to EU membership. Moldova's goal to join the EU reflects its commitment to progress, and Wultra takes pride in supporting this journey by delivering modern authentication solutions.
“One of OTP Bank’s top priorities has been to achieve PSD2 compliance. Through its powerful authentication solution, Wultra equipped our mobile banking application with the right technology in order to make PSD2 compliance a reality. With our digital transformation well underway and expert partners like Wultra, the future of Moldova’s banking industry looks bright.”
— Irina Pohilă — Irina Pohilă, Head of Digital Channels & Digital Product Owner, OTP Bank
“While the Moldovan market is not large in size, it’s in a unique position thanks to its ongoing alignment with the EU and its market standards. The emerging requirements for deploying new technologies that would simplify compliance in the banking sector is the reason why we decided to step in with our advanced mobile-first authentication solution.”
— Petr Dvořák — CEO, Wultra
Wultra invites Czech financial institutions and technology partners to explore how its experiences in Moldova can enhance their operations. Discover more about Wultra’s role in bolstering Moldova's banking transformation and consider the possibilities for your market by contacting sales@wultra.com.
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