Vonage and Aduna discuss secure banking with network APIs

Vonage, an Ericsson subsidiary, is collaborating with Aduna, Deutsche Telekom, and mBank to participate in the World Banking Forum in Athens. This event unites senior banking executives and technology innovators to explore technological advancements in modern banking.

The growth of digital channels in financial services has been accompanied by an increase in fraud, evolving with new technologies, such as AI that give rise to more sophisticated threats. As cyber threats intensify and financial regulations become stricter, it is crucial for banks to implement advanced fraud prevention strategies.

Projections estimate cybercrime damages could reach $11.9 trillion annually by 2026, necessitating technological innovations to meet regulatory requirements and bolster overall fraud prevention measures.

Mobile network capabilities

During the World Banking Forum, Aduna, Deutsche Telekom, mBank, and Vonage plan to discuss how a convergence of 5G, Network APIs, and AI can offer revolutionary advancements in fraud prevention and transform the customer experience in the financial services sector.

The discussion will focus on current security challenges and how integrating mobile network capabilities into banking applications can lead to seamless and secure customer interactions.

Availability of network capabilities

Aduna, a joint venture between major telecommunications players, including Deutsche Telekom and Ericsson

By exposing network capabilities through APIs, banks like mBank gain access to real-time, verified network data, which facilitates frictionless customer experiences while smartly mitigating fraud.

Aduna, a joint venture between major telecommunications players including Deutsche Telekom and Ericsson, functions as an aggregator to expand the global availability of network capabilities. Vonage, employing its APIs and developer tools such as SDKs, enables these capabilities for developers, helping them build innovative solutions with enhanced fraud protection features.

The presence of fraud remains a challenging and growing issue for banks in the realms of retail services and digital transactions. To stay ahead of evolving threats and ensure a seamless customer experience, advancements in fraud prevention technologies and detection strategies are imperative.

Adoption of network APIs

Peter Arbitter, Chief Commercial Officer for Aduna, stated, "The collaboration between telcos, aggregators, and developer platform partners is crucial. Aduna’s role as an aggregator of telco network capabilities enables developer platform partners to drive the adoption of network APIs by developers, and expose digital innovation that advances secure banking services on a global scale."

Adding to this, David Darmon, VP of International Sales, API, at Vonage, commented, "Vonage Network APIs give developers a platform to build solutions for banks to automate verification processes at scale, leveraging programmable network capabilities and verified network data for fraud protection. This elevates how banks deliver security, reduces revenue loss resulting from fraud, and transforms the customer experience."

Demands on network security

Andrzej Ochocki, Head of Identity Management at Deutsche Telekom, remarked, "From a telecom perspective, the digitisation of banking has significantly increased demands on network security. Deutsche Telekom is committed to offering specific network APIs that directly address these evolving fraud and security needs."

Pawel Kowalski, Digital Security Product Owner at mBank, noted, "At mBank, we are constantly seeking innovative solutions to deliver a seamless and secure digital banking experience. Adopting network APIs in our fraud and authentication workflows has shown significant benefits, enhancing the customer experience and reinforcing trust."