Equa Bank Secures Its Open Banking With Wultra Web Authentication
As the PSD2 legislation enters into force, banks must open their services to the third parties. Equa bank, however, was not driven just by the bill. The bank decided to open up their services proactively to seek new business models early. As a result, Equa bank was one of the first banks in the EU who delivered a comprehensive developer experience via their API developer portal. This openness already brought several commercially successful projects.
Providing banking services through open API was a big and important step for Equa bank. That’s why they decided to choose experienced partners to deliver the required solution. Trask supplied the platform for open APIs, and Wultra provided its security.
Wultra Web Authentication sits in the middle of the Equa bank’s open API ecosystem and acts as a component for central authentication and authorization. The unified web interface allows Equa bank customers to access a variety of applications while maintaining consistent user experience, regardless of whether they are using Equa bank or a third-party application. To log in, clients can use either an authentication SMS or our Wultra Mobile Token solution.
About Equa bank
Equa bank achieved a historic milestone in 2016 when it recorded positive profits for the first time. The bank reinforced this positive trend in the first quarter of 2017 when it more than doubled its profit compared to the same period in the previous year. Year-on-year, client deposits increased by 10% and the number of loans approved increased by 15%. However, Equa bank is proud of its accelerating, new client numbers, proof of a well-established direction. Compared to the previous period, total client numbers increased by 40% to 266 000, the fastest growth of all banks in the Czech Republic. This trend clearly shows how well Equa bank is performing.