Source: Open Solutions
US Biometrics Corporation, a provider of biometric technologies for corporate, financial, government, healthcare and educational clients and Open Solutions Inc., a leading provider of integrated enabling technologies for financial service providers across the United States, Canada and international markets, today announced a partnership referral agreement giving Open Solutions credit union and banking clients access to fingerprint biometric authentication solutions.
A Privacy and American Business and Harris Interactive study found that "more than two thirds of the American public has lost confidence in the handling of their personal information." (Consumer Perceptions on Data Breaches, Ipsos-Reid for Intersections Inc., August 2005.) In response, Open Solutions and US Biometrics are partnering to provide an authentication tool for financial institutions designed to reduce fraud and associated operational losses for organizations, address Federal Financial Institutions Examination Council (FFIEC) guidance requirements and provide a more secure operating environment. Additionally, this new offering addresses password change management for existing software and network logons, as well as security lapses due to the issuance of multiple passwords and credentials to employees.
"Open Solutions is a leader in the financial services industry," said David Delgrosso, president of US Biometrics. "Together, our two companies are able to offer a combined solution suite to the marketplace that directly addresses the industry's growing need for logical security and multifactor authentication. The technology is easy to use, cost-effective, more secure and more convenient than other alternatives."
Open Solutions clients now have integrated access to US Biometrics' PassQ, a password management solution for network logon in various network environments; MemberQ, a biometric control system for passwords, user names, password change mechanisms and other types of credentials; as well as CentralQ, a centralized resource and biometric repository for storing a mathematical representation of the biometric trait as well as any other type of credential used in Open Solutions' software or existing third-party software. Open Solutions' entire suite of retail banking and credit union applications now have the ability to biometrically authenticate a user's identity via a fingerprint as the primary password.
"This is a very important strategic alliance for Open Solutions," said Mike Nicastro, senior vice president and chief marketing officer, Open Solutions Inc. "Logical security and multifactor authentication have become paramount needs within the financial services industry. In response to the multitude of identity theft and data breach stories in the headlines, consumers are demanding more security from their financial institutions. US Biometrics' centralized repository, biometric authentication and password change solutions are easy to deploy and are quickly becoming the biometric standard in the financial industry. This product offering complements our technology and our desire to serve our client-base."
Separately, Secure EFT, a partnership made up of Secure Payment Systems (SPS) of San Diego, Calif., and EFT Canada Inc. (CDNX:EFT.V), a publicly traded company based in Toronto, announced that Open Solutions Canada, the Canadian subsidiary of Open Solutions Inc., a provider of integrated enabling technologies for financial service providers across the United States, Canada and internationally, and its independent sales organizations (ISOs) will deliver Secure EFT's industry-leading gift card program to their Canadian merchants.
Through this agreement Open Solutions Canada will use Secure EFT's innovative technology platform to provide merchants with a comprehensive, easy-to-use and affordable gift card program that can help to increase customer visits, enhance revenue and enable small- and medium-sized merchants to compete with larger retailers in the very popular gift card market.
Lin Fellerman, president of SPS stated, "The SPS gift and loyalty product line works well for EFT Canada's prospective clients given it's a fully secure and accountable payment solution which is still in its infancy stage in Canada." Fellerman added, "SPS's strategy fits nicely with EFT Canada's market presence and proposed product offering."
Jonathan Pasternak, president of EFT Canada, said "Our agreement with Open Solutions is another example of the credibility of our gift and loyalty program and the tremendous growth this product channel is experiencing. This is an ideal compliment to our high-growth Canadian and U.S. electronic transaction processing product offering."
Mike Kelso, general manager of Open Solutions Canada's Payment Solutions Group, said, "We are pleased to add gift cards to the suite of products and services our ISOs can offer their merchant clients. Consumer and merchant demand for gift cards is on the rise in Canada and our gift card program enables small-business owners to enter this market space at a reasonable cost. Kelso continued, "Open Solutions Canada is delighted to work with Secure EFT and its industry-leading partners to deliver this program to the Canadian market."