Midwest Independent Bank licenses Passfaces authentication system

Source: Passfaces Financial

Midwest Independent Bank (MIB) has selected Passfaces Financial patented authentication product to safeguard its Internet banking customers with strong authentication capabilities.

Passfaces will be used to provide an extra level of security to its users referencing an external cash management application. MIB is an FDIC insured commercial banking institution that is owned and directed by independent community banks. It is a bank that does business only with banks and bankers. MIB allows community banks' participation in the design, delivery and cost of their correspondent services.

"Our desire at MIB is to offer our customers the ability to gain access to third party applications using Passfaces authentication," said David Vandeven, President/CEO, MIB. "Standard passwords no longer provide the level of security that is required in today's online environment. Passfaces used as an authentication alternative to traditional passwords will provide our customers with a solution that offers the flexibility of remote logon from anywhere, yet supplies them with the confidence of having a secure authentication mechanism protecting valuable information. We selected Passfaces as it not only raises the bar in terms of security, but it is both easy to use and to implement."

Passfaces is an innovative approach to strong authentication that is effortless for users. Passfaces Financial is designed to meet all the strong authentication requirements in today's online financial services industry. It bundles software, support services, and consumer rollout strategies into a complete package. The software assigns users Passfaces that are then used to gain access to protected systems. Passfaces quickly and easily integrate into any web application currently using passwords. This approach dramatically reduces the implementation time as well as the cost typically required for increased authentication security. Passfaces either replaces or augments passwords in existing security environments. It solves or eliminates problems associated with passwords.

"It is imperative that financial institutions comply with the FFIEC guidance and instill customer confidence and establish a strong foundation of mutual trust when it comes to offering online access that involves financial and private data," said Paul Barrett, CEO, Passfaces Corporation. "MIB's decision to provide its customers with Passfaces strong authentication capabilities demonstrates their commitment to providing its customers with secure web access from any location, as well as a product that is easy to use. We are looking forward to working with MIB as they roll out this technology and to give their customers the security they require."

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