Recent innovations have radically transformed the financial-banking sector. More consumers are opting for online services, seeking accessible and secure payment systems. OTP Bank continuously integrates these trends through the development of its digital services.
In 2023 the bank's team set an ambitious target: to launch of a new version of the OTP Internet and Mobile Banking application in October of the same year, with significant improvements in user experience and security. The new version focuses on simplifying the enrollment and authentication process, aligning it with the European Payment Services Directive 2 or PSD2 standards.
The PSD2 standard requires strong authentication (Strong Customer Authentication or SCA), using the most advanced authentication technologies, including:
- Biometric authentication: facial recognition or fingerprint for fast and secure access.
- Multi-factor authentication: combining several authentication methods to guarantee account security.
In the implementation of PSD2 standards, the bank turned to long-term collaborator Getik, a provider of mobile and internet banking solutions. Together, the partners identified a market-leading solution - the mobile authentication token offered by Wultra.
Ghenadie Dumanov, CEO Getik, detailed his team's approach: "Authentication represents the user's first contact with digital banking services, the first step of any user journey. Our mission in this project was to transform a technical necessity into an innovative product. That's why, besides the security aspects implemented with Wultra, we worked closely with OTP Bank to offer the most effortless and enjoyable customer experience."
“At Wultra, we are committed to driving digital transformation and driving PSD2 compliance through advanced authentication solutions for financial institutions. Together with Getik experts, we have been able to provide customers with continuous support to ensure that they can fully leverage the security and functionality of our joint solution. We look forward to further collaborations to support the ongoing evolution of Moldova’s banking sector," said Petr Dvořák, CEO Wultra.
Irina Pohilă, Head of the Digital Products Department OTP Bank, noted: "OTP Bank's main objective was to provide customers with the security and convenience of authentication compliant with EU standards. Our partners responded to this requirement by quickly and efficiently implementing a high-performance solution using secure authentication technology. This success story is just one of the many examples of digital innovation in the Moldovan banking market."
Effective collaboration between partners led to the launch of the new authentication method in October 2023, well ahead of the February 2025 deadline set by the national program for compliance with EU standards. The partnership’s results demonstrate OTP Bank's commitment to innovate alongside leaders in the field and to offer clients a secure and intuitive customer experience.
---
Getik has over a decade of experience as a provider of Internet and Mobile banking solutions, leading the digital banking market in Romania. The company's portfolio includes the entire ecosystem of digital banking products, and through its Innovation division, Getik develops Banktech solutions that integrate the most interesting features of banking and fintech.
Wultra provides banks and fintech companies with easy-to-deploy, modern authentication solutions that genuinely improve customer experiences.
OTP Bank Moldova, a subsidiary of OTP Group since 2019, is an integrated and universal provider of financial services. With an approach defined by responsibility, commitment and professionalism, OTP Bank understands the needs of customers and the current market context, and is a reliable financial partner in the provision of financial services. OTP Bank ranks third, by assets, in the ranking of banking institutions in Moldova, according to NBM data.
