Currenex, a leading provider of financial services software for global transactions, has announced that digital certificates provided by GeoTrust, a leader in online security solutions, are critical to the success of the Currenex CX Security Protocol.
The CX Security Protocol is a series of security measures implemented to protect client information and trade data throughout the entire trade lifecycle. GeoTrust serves as the exclusive digital certificate provider for Currenex's electronic trading platforms.
Currenex's award-winning proprietary foreign exchange trading solutions are used by global financial institutions, including funds, corporations, banks and other market participants, to conduct high-value transactions over the Internet. Currenex uses GeoTrust's True Credentials digital certificates to authenticate individual identities and GeoTrust's Enterprise SSL certificates to secure online transactions. Together, these provide the highest levels of security where the average transaction is $3 million in value.
"At Currenex we have implemented comprehensive security measures at every point of the trading process to ensure complete protection of user data and full member confidentiality," said Clifford M. Lewis, CEO and Chairman of Currenex. "We chose GeoTrust as our digital certificate partner because they provided us with the flexibility that allows us to customize our enrollment and approval processes. This allows us to issue digital credentials easily and authenticate our users to protect their trade data and provide a secure medium for electronic transactions."
To ensure that its members benefit from highly secure electronic transactions, Currenex focuses on three key factors
- Authentication - Confirming user identities
- Message Integrity - Ensuring communications are not altered in any way
- Message Privacy - Encrypting each message to maintain confidentiality
Currenex employs a two-factor authentication model that requires users to present a valid digital certificate and a unique User ID and password to log on to Currenex's services. To maintain the integrity and confidentiality of communication to its clients, all connections to Currenex's services are conducted across mutually authenticated 128-bit RC4 encrypted SSL sockets.
"Currenex was at the forefront of strong authentication long before regulatory bodies made it a requirement," stated Neal Creighton, CEO of GeoTrust. "In the foreign exchange market, which exceeds $1 trillion dollars per day in transactions, the potential for online fraud is great. By adopting a multi-layered approach to security based on GeoTrust solutions, including authentication, encryption and privacy protection, Currenex has created an environment that sets new standards for online security."
All GeoTrust solutions leverage strong cryptographic encryption. True Credentials offers an application programming interface that allows Currenex to integrate GeoTrust's managed digital certificate functionality seamlessly into its own operating environments for greater flexibility and automation of the certificate registration and enrollment process.