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Mobile banking is more secure, cost-effective, and user-friendly with KMS Solutions’ authentication application.

On November 16, 2021, PayConfirm, a document and transaction authentication solution by Airome Technologies, was officially introduced to Vietnam as a part of KMS Solutions’ Modern Banking (MOBA) platform. With a client-server authentication mechanism and customizable features such as white-labelling, PayConfirm helps banks reduce SMS costs, strengthen fraud prevention systems, and enhance mobile banking experience.

Each year, the 4 Vietnam’s state-owned banks spend 11,300 in total on SMSing. This high and escalating cost is the reason why many forward-looking banks are gradually replacing SMS with more cost-effective authentication methods. Typically, each OTP code sent via SMS costs about 500 VND on average. This may seem insignificant, but if multiplied by 50-80 million transactions to be authenticated on a monthly basis, SMSs can accumulate to dozens of billions.

“Sending OTP to customers via SMS is becoming too expensive due to the rising rates and the growing volume of transactions that need authenticating. SMS authentication is also no longer reliable now when criminals are getting more sophisticated with more schemes to exploit SMS’ loopholes and customers’ inattention. For example, fraudsters can use SMS to impersonate bank clerks to steal OTP codes and information accounts. Banks need an independent authentication processes without the involvement of any 3rd-party network provider to reduce costs and protect customers,” said Mr. Le Huu Tan Tai, Vice President at KMS Solutions.

To help banks build an authentication process that is cost effective, secured, and convenient, KMS Solutions has partnered with Airome, a provider of cybersecurity technologies tailored to the banking sector, to package PayConfirm into its Modern Banking (MOBA) platform.

PayConfirm is a mobile transaction authentication signature (mTAS) solution that allows banks to authenticate transactions and documents without the need for fraud-prone SMSs or the inconvenient token devices. Thanks to PayConfirm, banks will no longer have to rely on network carriers to authenticate customers, thus they can eliminate SMS and its cost out of this process.

Besides being able to work as a standalone application, PayConfirm can be easily integrated into banking products thanks to pre-built APIs. Banks can also adjust Payconfirm’s interface and content to suit their brand guideline thanks to the white-labelling function.

When compared to other forms of authentication such as SMS or tokens, PayConfirm is superior in terms of convenience and security. With the new technology it is simple to decrease bank fraud caused of SIM swap, social engineering and OTP hijacking.

PayConfirm is more convenient because users only need to tap “confirm” in a bank mobile app instead of inputting passwords, scanning face and fingerprint, retrieving OTP, and signing digital signatures. They will no longer have to open messages to get the OTP code, remember and manually enter it.

In terms of security, behind PayConfirm there are asymmetric cryptographic algorithms and client-server architecture with only 2 main components: the bank’s server and the user’s phone device. In PayConfirm, the authentication signature is performed only if the following 4 conditions are met: (1) exact transaction details, (2) exact transaction time, (3) specific characteristics of the user’s mobile phone, and ( 4) user’s private key. And this is the key to preventing third parties from intruding.

In addition, PayConfirm also allows customers to authenticate transactions in offline mode — without the internet — by scanning the auto-generated QR Code. Thus, users unable to receive the OTP due to problems from the network operator is another big problem with SMS that PayConfirm can solve.

“By continuously applying and introducing innovative solutions such as PayConfirm, KMS Solutions has demonstrated their commitment to helping Vietnamese banks embrace digital transformation” – Mr. Denis Kalemberg , Co-Founder and CEO at Airome Technologies. “Through PayConfirm, Airome hopes to help banks in the local market provide a convenient and secured authentication process, while optimizing its costs.

About KMS Solutions:

KMS Solutions works closely with leading software companies across the globe to bring the most advanced and innovative technologies to Asia-Pacific. The focus is to help organizations achieve their business goals through world-class fit-for-purpose solutions and proven industry best practices. KMS Solutions’ success is ultimately measured by the positive impact on the client’s business.

To learn more about KMS Solutions, visit:

About Airome:

Airome Technologies is a Singapore-based developer of cybersecurity solutions for digital banking and e-document management systems. The company provides a secure client-server software to confirm or digitally sign any type of operations, including bank transactions or e-documents, on a mobile device. Its solution lowers the risk of unauthorized transactions caused by man-in-the-middle, phishing, or social engineering attacks.