Report
Teaser, summary, work performed and final results
Periodic Reporting for period 1 - odis (Ensygnia Onescan Market Disruptive Technology)
Teaser
Ensygnia takes the friction out of selling while enhancing trust and security via an identity based interaction using a mobile device. Our transaction initiation process, Onescan, along with our secure, reliable and scalable messaging platform makes this possible. As a...
Summary
Ensygnia takes the friction out of selling while enhancing trust and security via an identity based interaction using a mobile device. Our transaction initiation process, Onescan, along with our secure, reliable and scalable messaging platform makes this possible. As a result, we deliver more sales, more customer interaction and enriched data on customer behaviour. It was sufficiently innovative to patent in 2010, and now has five UK granted patents covering scanning of screens, printed material, audio and RFID triggers.
Onescan is a mobile transaction platform that securely and confidentially exchanges all the requisite information needed in order to register a first time customer, log-in to a website, complete a purchase, transfer funds and redeem or claim loyalty rewards. All these process can be performed without the need to remember a username and password, complete a form or provide bank account details.
The customer\'s payment card details are stored in the cloud in industry standard wallets and tokenised, thereby providing maximum protection from fraud. Identity data is held in a secure encrypted vault on the customer’s phone.
Unlike other operators in the mobile payments space Onescan focuses on delivering an identity based interaction that enables a trusted consumer / merchant interaction, which may include payments rather than being a payment centric system.
As interactions are based on identity the data gathered can be used for customer analysis, marketing and sales purposes. This is especially valuable in Europe where data protection laws prevent the use of payment data for these purposes. Plus, by increasing the number of ways the consumer can interact using their identity across online, email, print, point of sale material, TV advertising and of course in-store the data is richer and more valuable.
Our approach also allows merchants to embed Onescan technology in their own mobile app using our SDK providing a better customer journey, richer data on customer behaviour, decreased fraud, fewer chargebacks, fewer abandoned baskets with more completed purchase.
Work performed
The Horizon 2020 Grant, awarded for bringing the innovation to investment and market readiness has been invaluable. It has allowed us to:
• Accelerate the company’s International market disruption activities.
• Expand to engage with target companies across Europe and increase awareness of Ensygnia’s Onescan platform and App.
• Develop and extend Ensygnia’s patent portfolio in UK and internationally to fuel the uptake of mobile payments that also has applications for transaction authentication and logon services.
• Start to create an eco-system of consumers able to use the Onescan App to make payments online and in-stores anywhere in Europe and beyond.
• Establish Onescan’s credentials a platform that securely associates identity with transactional information – both personal and financial – and validate it has the power to disrupt traditional methods of payment, and other vertical market applications, on a global scale.
Under the grant we have preformed country planning to ensure maturity for market take-up. This identified that a large variety of payment methods are utilised country by country with credit / debit card payments often not being the primary choice by consumers. We have established that the Onescan platform is well geared primarily to credit / debit payment methods, but easily allows extension to any payment system including Apple Pay & Paypal. We have determined a global priority based on the research conducted.
In preparation for market readiness we have achieved PCI 3.0 Level 1 compliance as certified by a leading Qualified Security Advisor (QSA) along with significant forensic penetration testing which was undertaken by reputable third parties, including testing for an FCA regulated company.
The project has also enabled a complete re-architecture of our mobile apps tier taking advantage of new web-based technologies to provide a simple cross platform model for managing the user experience with an underlying secure native tier that would manage negotiations with the server platform. This deliver significant innovation and a dramatic increase in the speed and ease wit which third parties can deploy using our platform.
Research and development of a robust and easy-to-use mobile SDK for third-party developers was completed and is now available to selected partners and other application developers and system integrators on request. This enables rapid deployment of secure, compliant but frictionless applications by third-parties for all types of consumer interaction including, but not limited to, payments.
Originally filed in 2010, a further 2 UK divisional patent applications were filed late in December 2014. Both patents have now been through the review process with the UK patent examiner, were both published on 06/05/2015 and successfully moved to granted on 16/09/15. Ensygnia now has 5 UK patents governing various aspects of the Onescan interaction initiation process. Ensygnia filed its root patent over 20 Jurisdictions globally through the Patent Cooperation Treaty (PCT) process. These are maturing and gradually coming to a point of examination and review. The process of examination varies country by country with places but many are now moving to grant.
The expected outcome of this project will allow Ensygnia to test and evaluate international expansion in a more efficient and cost effective manner leveraging in-country expertise to overcome local and cultural differences more rapidly.
In so doing it allows us to accelerate our country plans in a more parallel fashion and gain traction and learnings more quickly.
Final results
Friction in payments is problematic to retailers whether online or in person. It is compounded by the increasing hacking and fraud threats that require ever stronger security. Increasing security typically introduces greater barriers and friction. This creates considerable cost in terms of lost opportunity to the merchant, risk and fraud to the financial services industry and frustration and annoyance to the consumer. Making it easier to pay often introduces risks and decreases the security of the process as a whole. Ensygnia is able to make payments both simple but still highly secure and reliable; we are the first company in the world to be able to significantly improve the consumer experience, increase security and reduce the overall cost of a solution.
The grant has enabled Ensygnia to further its preparations for market readiness and accelerate its understanding of the scope and potential of its solution on a global scale with interest and traction being seen across the world. It is our understanding that the solution represents a significant solution to a set of problems that are global and that the time is right for mass adoption and growth.
Website & more info
More info: http://www.ensygnia.com.