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WIZZIT logoChat banking is here to stay.

Now there's a seamless authenticator to ensure security.

8 November, 2018

We are delighted to introduce you to the WIZZIT Authenticator – a unique patented product that any financial service provider can use to enable secure transactions and information to take place through an instant messaging or chat platform. WIZZIT supports the widely held global view that chat platforms will be the channel of choice for secure financial transactions by the majority of customers, and financial institutions like banks will have to support this channel and address the critical issue of security.
The reality is that as the world and payments become more ‘digital’ – so fraud increases. 

We believe that the WIZZIT Authenticator cost effectively addresses the critical need for financial institutions to ‘secure transactions’ together with the imperative that customers have for ‘frictionless and seamless transactions’.


The WIZZIT Authenticator will enable your institution to take the chat platform from an informational and conversational level to a revenue generating, secure transactional level. WIZZIT also have a complete chat banking platform which could be of further assistance to your institution, if required.  

We look forward to talking to you and demonstrating our new innovative chat products. 

We trust that you enjoy the attached document giving greater insights to the WIZZIT Authenticator.


More than three billion people around the world use chat channels such as WhatsApp and Messenger. In some regions, they spend more than four hours a day on their messaging channels. To survive, banks have to ensure they meet their customers where they’re at by utilising chat platforms for their services.  

The risks with digital transactions

The increase in digital payments has the unfortunate consequence of attracting increasing levels of crime and fraud. Cyber criminals are a reality as more customers prefer the convenience of digital transactions to cash. Here are the scary facts:

- 40% of the world’s card holders have been subject to fraud

- 50% of card holders fear their cards will be hacked while shopping online
- Fraud is costing banks billions of dollars every year.


McKinsey’s insights into cyber-crime in the financial space

After a global study with financial institutions, McKinsey provided the following insights into security and the mitigation of risk.


Vulnerabilities in payments services have increased as the shift to digital and mobile customer platforms accelerates. New solutions have also led to transactions being executed quickly, leaving banks and processors with less time to identify, counteract and recover funds. Increasingly agile fraud perpetrators have benefited from banks’ and payments firms’ limited ability to adapt.


Banks attempts at chat banking

Some progressive banks have launched chat banking products, however, many of these solutions are clumsy and not user-friendly for the following reasons:

- To authenticate the transaction, the user must exit the bank’s chat channel and sign into a third party, supposedly trusted secure keyboard application.

- The user then has to enter their credentials.

- Then the user has to return to the bank’s chat channel to complete the transaction.

- For today’s impatient, demanding customers this will not cut it.

- They may try it once and then decide that a clunky alternative such as a banking app or USSD is still easier and more convenient.

Introducing WIZZIT Authenticator

WIZZIT, a world-renowned fintech organisation that has developed many mobile banking products and services over three continents and 14 countries over the last 15 years, has launched the world’s first secure chat banking authenticator. This practical solution satisfies banks’ security requirements and the usability requirements of the customer.


The WIZZIT Authenticator adds security chat banking

The WIZZIT Authenticator is a patented security authenticator that has been in development for over two years. The WIZZIT Authenticator has been through rigorous security and risk testing and will offer the following technical and security certifications:

- PCIDSS certification,

- PCI COTS compliant,

- FIPS compliant, and

- NIST compliant.

In addition, the WIZZIT Authenticator can be used for anything requiring authentication, customer identification or data verification.


Added features of the WIZZIT Authenticator

In addition to the impenetrable security for chat banking, the WIZZIT Authenticator offers banks and financial services providers the following features:

- Out-of-band authentication for internet banking logon

- Secure issuing of PINs

- Secure limit changing

- Secure messaging customers

- Step up authentication for transactions from another channel and many other applications.

Implementation in just eight weeks

Implementation of the WIZZIT Authenticator is equally frictionless. Our team will ensure seamless integration into the banks’ existing systems within eight weeks. Alternatively, the bank can opt to connect the WIZZIT Authenticator via a simple API and make use of our security-as-a-service option.


Costs versus potential losses

The investment in the WIZZIT Authenticator is a fraction of the cost of the potential crime and fraud costs that banks and its customers face as cyber criminals and fraudsters become smarter and more sophisticated. For today’s digital savvy customers, chat banking is a no-brainer. Uptake will be fast as this will become customers new banking channel of choice.


Customers want their banks to meet them where they’re at

It’s time to offer services to your customers in the spaces they occupy. If your institution does not have a state-of-the-art chat banking with the impenetrable security the WIZZIT Authenticator offers, let’s have a chat.

We’d like to understand your needs and challenges and show you a demonstration.

"In just eight weeks, your bank can be increasing revenue and brand reputation as well as delighting your customers with products and services that add real value to their lives."