12 December 2017
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USAA licenses security technology to Indian software house

01 March 2017  |  5051 views  |  1 Security/Risk

US military bank USAA has licensed development rights to its proprietary security technology to Indian software house Persistent Systems.

The development and intellectual property rights granted to Persistent stem from innovations that USAA uses to identify and verify members, while also protecting their privacy.

Persistent says it will extend these technologies with a keen focus on authentication and security solutions based on concepts such as micro-trust, risk-aware, contextual, and personalisation in conjunction with technologies related to biometrics, risk modeling, and dynamic proofing.

Sudhir Kulkarni, president digital at Persistent System says: “This agreement is at the intersection of security and digital transformation in financial services, and it brings togetherUSAA’s patented security technologies with our product engineering DNA to strengthen our focus on the how of digital.”

Oft-cited as a technology innovator, USAA was one of the first banks to introduce voice and facial recognition for login to its mobile banking apps. The bank views the partnership as a means to address perceived security failing at lower-tier banks for the benefit of the industry as a whole.

Gary McAlum, USAA’s chief security officer, comments: “The financial services industry is highly connected, and we want every link in the chain to be strong from a security perspective. That’s why we’re excited to work with Persistent Systems to see patented innovations we use today developed into products that can benefit others in the financial sector."

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 01 March, 2017, 18:04

Wut? I thought IT companies license technology to banks!

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