Periodic Reporting for period 1 - NK-52-2016 (Next generation authentication for the digital age)
Período documentado: 2017-04-01 hasta 2017-09-30
In late 2015 European Parliament adopted the revised Directive on Payment Services (or PSD2). For financial companies that meant adopting strong two-factor authentication for bank login and transaction approval. As at that time there were no solutions to solve bank needs on a scale, professionals, who developed Latvian State ID card architecture and e-signature set a mission to come up with the most secure and convenient solution for meeting the regulatory requirements.
Goals of the Feasibility Study:
- collect feedback from financial companies in EU on how best to meet their business, security and compliance requirements;
- do pilot studies with financial companies to assess the risks and prepare USP for the solution;
- look for ways on how to scale the solution beyond finance industry.
Goals of the Feasibility Study:
- collect feedback from financial companies in EU on how best to meet their business, security and compliance requirements;
- do pilot studies with financial companies to assess the risks and prepare USP for the solution;
- look for ways on how to scale the solution beyond finance industry.
Things done:
- extensive cold calling and cold e-mailing to banks and financial companies in EU and beyond;
- awareness generation by speaking at conferences such as Open Banking Days in London;
- networking by participating in Plug and Play Accelerator (in partnership with Santander bank) and Kickstart Accelerator in Zurich (in partnership with UBS and Credit Suisse);
- piloting solution at UBS and Credit Suisse;
- piloting product in non-financial companies - Latvian Mobile Telephone (telecommunication), Santa Monica Networks (IT) and Stradins Hospital (healthcare).
Results:
- defined USP that sets Notakey apart from the competition;
- clear sales plan: focus on employee authentication as the first step (much shorter sales cycle);
- product improvements after piloting at several companies;
- established partner network, who attracts new clients, do integration and help with support in multiple regions;
- awarded as best performing startup at Kickstart Accelerator;
- established a comprehensive roadmap for next years based on pilots.
- extensive cold calling and cold e-mailing to banks and financial companies in EU and beyond;
- awareness generation by speaking at conferences such as Open Banking Days in London;
- networking by participating in Plug and Play Accelerator (in partnership with Santander bank) and Kickstart Accelerator in Zurich (in partnership with UBS and Credit Suisse);
- piloting solution at UBS and Credit Suisse;
- piloting product in non-financial companies - Latvian Mobile Telephone (telecommunication), Santa Monica Networks (IT) and Stradins Hospital (healthcare).
Results:
- defined USP that sets Notakey apart from the competition;
- clear sales plan: focus on employee authentication as the first step (much shorter sales cycle);
- product improvements after piloting at several companies;
- established partner network, who attracts new clients, do integration and help with support in multiple regions;
- awarded as best performing startup at Kickstart Accelerator;
- established a comprehensive roadmap for next years based on pilots.
Progress beyond the state of the art:
- Notakey has a clear value proposition about how it contributes to the EU new regulations GDPR, eIDAS and PSD2;
- Notakey allows SMEs to be more competitive as it provides identity & access management tools, which previously have been available to companies with large IT budgets;
- Notakey allows to substitute passwords with a more secure and convenient solution, thus reducing fraud risk and making the society more secure as whole.
- Notakey has a clear value proposition about how it contributes to the EU new regulations GDPR, eIDAS and PSD2;
- Notakey allows SMEs to be more competitive as it provides identity & access management tools, which previously have been available to companies with large IT budgets;
- Notakey allows to substitute passwords with a more secure and convenient solution, thus reducing fraud risk and making the society more secure as whole.