The only way to do SSO is with OAM, so assuming you are OK with OAM for SSO and using OAM to extend the login to do a follow on step, then yes, it should be possible. OAM 11gR2 PS3 has an Adaptive Authentication module which basically allows you to do MFA (multi-factor authentication) which include the following:
- Oracle Mobile Authenticator (OTP)
- SMS/Email Notification (OTP)
- Push notification from Oracle Mobile Authenticator
If you need more advanced features then you can integrate OAM with OAAM (Oracle Adaptive Access Manager) which can do picture and text and kba type things too.
For earlier versions of OAM, there is no Adaptive authentication plugin, so you would need to use OAAM for OTP features.