Wultra To Empower Moldova’s Banking Sector With PSD2 Compliance and Advanced Security Solutions

May 16, 2024
Mobile phone with Wultra app, blue background with an outline of Moldova, EU stars and an icon flag of Moldova

[PRAGUE, 16/05/2024] — Wultra, a leading provider of modern authentication and security solutions, emerges as a key player in steering Moldova's banking sector towards compliance with the European Union's Revised Payment Services Directive (PSD2). By collaborating with prominent banks such as Moldindconbank, OTP Bank, and Victoriabank, Wultra is driving Moldova’s adoption of advanced security measures that are essential for navigating and complying with the rapidly evolving regulatory landscape.

The Need for Enhanced Security in Banking

PSD2 revolutionizes how banks handle customer data and transactions. This pivotal directive, which mandates stringent security protocols including Strong Customer Authentication (SCA) and open banking APIs, has ushered in a significant transformation in the banking sector. In Moldova, this shift presents an assortment of both challenges and opportunities:

  • Ensuring secure banking services: As the industry embraces digitalization, PSD2 compliance is paramount to ensure secure, transparent, and efficient banking services.
  • Mitigating evolving digital threats: Recent cybersecurity reports indicate a surge in various types of digital threats, making PSD2 compliance not only a regulatory requirement but also a precondition for maintaining customer trust.

The Impact of Wultra's Compliant Solutions

Wultra's modern authentication solutions are meticulously crafted to meet PSD2 requirements and are also prepared for the planned PSD3 directive. Its suite of offerings delivers advanced multi-factor authentication and mobile in-app protection.

Wultra provides Moldindconbank with its Mobile Token, OTP Bank with its Mobile-First Authentication SDK, and Victoriabank with its In-App Protection solution, tailoring each solution specifically for each of the partnering banks.

Commitment to the Moldovan Market

Beyond delivering compliant authentication solutions, Wultra is deeply committed to fostering Moldova's economic growth and technological advancement. Wultra offers specialized PSD2-focused training programs for local banks and fintech companies seeking to modernize their authentication methods and bolster their security frameworks.

The Future of Banking in Moldova

The adoption of PSD2-compliant solutions marks the dawn of a new era in the Moldovan banking sector: This transformation goes beyond regulatory compliance — it establishes a new standard for secure, customer-centric banking practices that are poised to fortify the Moldovan economy and enhance consumer confidence.

“Moldova’s banking sector is at a turning point. The industry’s adoption of advanced security measures will have a significant impact not only on economic growth but also customer trust. We’re proud to support Moldova’s banks on this journey by delivering modern, compliant authentication solutions.”

— Petr Dvořák — CEO, Wultra

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