Telefónica’s ElevenPaths is partnering for banking security while Swisscom is offering banking-as-a-service.
ElevenPaths, Telefónica’s Cybersecurity Unit, has signed an agreement with BOTECH FPI to offer fraud protection services for banking.
The partnership will combine Telefónica’s cybersecurity expertise, the operational capabilities of its Security Operation Centers (SOCs), as well as its global commercial network, with BOTECH FPI’s specialised fraud prevention, detection and management services.
The move reflects Telefónica’s strategy to expand its security and anti-fraud services.
Telefónica will integrate BOTECH FPI solutions into its managed security portfolio and offer them through its SOCs.
First Spain, then beyond
Initially, the agreement will be deployed in Spain but the companies plan to expand into Latin America and Europe, where Telefónica also operates.
Pedro Pablo Pérez, Global Security VP at Telefónica and CEO of ElevenPaths, said, “We are very pleased with this agreement that will allow us to combine the best services of ElevenPaths with the proven capability of BOTECH FPI in the field of fraud, so strengthening our innovative cybersecurity offer.
“Our ambition in the field of fraud is to become, jointly with BOTECH FPI, a benchmark for Spanish, European and Latin American markets. Fraud prevention is the first step in a partnership that will be expanded into further cybersecurity domains.”
Swisscom offers banking-as-a-service
Elsewhere, Habib Bank AG Zurich, which provides corporate, trade finance and wealth management services, is outsourcing IT and back-office processes to Swisscom.
From 2019, Habib Bank’s entire wealth management business will run on Swisscom’s Private Banking as a Service platform. Swisscom will also take on payment transactions, securities handling and compliance support.
Walter Mathis, Head of Shared Services at Habib Bank, said, “Swisscom understands the requirements of a private bank and has a remarkable track record – for decades, over half of Swiss banks have relied on Swisscom’s outsourcing services every day.”