OneSpan launches Virtual Room to offer bank-grade identity and authentication security

OneSpan has launched its secure Virtual Room cloud service which enables organizations to deliver live, high-touch assistance to their customers in a high-assurance virtual environment. This customer engagement solution gives organizations the ability to balance identity security, authentication, and e-signature solutions from the broader OneSpan portfolio with a high-assurance virtual experience that is the next best thing to entering a branch or meeting in person.

Virtual Room complements digital-first transaction experiences by providing an opportunity for organizations to create personalized, high-touch, human-assisted interactions, and by improving the customer experience, increasing agreement completion rates, and reducing security risks and fraud.

“Today, businesses requiring a high degree of security and regulatory compliance rely daily on a variety of technologies that use insecure, shared links and expose users to elevated risks including data breaches and compliance violations in the anywhere economy. This should not be the case. Organizations and their customers want to be confident that the person joining a virtual meeting is the person they claim to be. And multi-million dollar business agreements transacted digitally should not be subject to fraud fallout,” said Matthew Moynahan, President and CEO at OneSpan.

“Today’s off-the-shelf video conferencing tools do not offer optimal security. As the complexity and value of transactions increase, customers want a live interaction rather than relying on a virtual assistant or self-service experience. We built Virtual Room for these scenarios to help our customers complete an agreement or transaction where they need a personal touch and where security is paramount.”, Moynahan continued.

Combining OneSpan’s heritage in high-assurance identity verification and authentication with agreement co-browsing, web-enabled videoconferencing, rich collaboration features, and built-in e-signature, Virtual Room helps organizations engage and transact with customers with confidence. Virtual Room can be used for multiple high-value customer agreements, including account opening and maintenance, wealth management, and car financing.

Virtual Room enables organizations to:

  • Verify the identities of participants, utilizing OneSpan’s identity verification and mobile and hardware authentication solutions;
  • Interact with signers remotely;
  • Simultaneously review documents and address questions;
  • Capture legally binding e-signatures in real-time; and
  • Record virtual sessions to reinforce the electronic evidence captured in the audit trails.

A recent report from Aragon highlighted the need for higher assurance within these processes. “It’s important for buyers to look for a provider that has global security compliance expertise in all aspects of the workflow, from the initial identity verification and authentication steps, to creating a secure virtual interaction environment and all the way through to securing the final output or artifact of the transaction, for compliance and enforceability purposes. Equally important, buyers should look for a vendor that has the flexibility to adapt any step in the digital workflow to meet local regulations for digital identity, secure customer authentication, transaction risk analysis, and the many other security requirements, which differ from one country to the next.”

As a secure solution for customer-facing digital agreements where the integrity of the agreement is paramount, ​Virtual Room allows organizations to embrace a new way of working that’s more distributed, virtual, and dynamic, enabled by advancements in cloud technology. With the onset of the anywhere economy, and with more transactions being completed online, identity verification and authentication technologies are critical in the digital agreements process.

This purpose-built, high-assurance digital agreement solution includes identification and authentication capabilities that enable organizations to increase the integrity and completion rates of agreements and transactions in a highly-secure and protected ecosystem without impacting user experience or productivity.




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