Australia Post signs NSW Teachers Credit Union to authentication technology

Australia Post signs NSW Teachers Credit Union to authentication technology

The Australia Post has signed NSW Teachers Credit Union as the first customer for its one-time password (OTP) authentication system for Internet banking.

Earlier this month, Australian retail banking systems vendor Ultradata said it would bundle Australia Post's VIP Online Security system with its Web banking platform My Viewpoint. The NSW Teachers Credit Union is the first financial institution to adopt the security as part of its existing My Viewpoint implementation.

Steve James, CEO of the NSW Teachers Credit Union, says the multi-factor authentication technology will be available to 140,000 members located throughout New South Wales, the Australian Capital Territory and Northern Territory.

"As we do not have a branch network, they rely very heavily on the Internet to access their accounts," says James. "Obviously, security in online banking is our prime consideration and Australia Post's two-factor state of the art authentication solution will provide our members with peace of mind when transacting over the Internet."

The Australia Post VIP Online Security utilises a shared authentication network and is enabled by VeriSign Identity Protection (VIP). The technology allows online service providers to accept the same authentication credentials as other participating members of VeriSign's global VIP network.

Although the customer's security token can be used at any VIP network member Web site, each member firm will be able to maintain control over its own business rules and security requirements and no identification or customer account information is shared, says Australia Post.

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