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Codel launches multi-telco secure financial messaging service

16 February 2010  |  1670 views  |  0 Source: Codel

Since the demise of the Telex as the prime means of telecommunication between banks and other financial institutions, the need for privacy has been ranked equally alongside reliability and guaranteed service. As some aspects of security and delivery have become increasingly commoditised, the significance of privacy has been heightened amongst the service features offered by secure messaging suppliers.

The certainty of privacy of communication between two financial trading counterparties is an integral part of the trust that is essential to their trading relationship, and any form of intermediation weakens this trust and reduces the value that those counterparties can offer to their customers.
This is why Codel today announce the introduction of a new secure messaging platform, 'Codel Envoy'. This multi-telco solution provides the necessary authentication and integrity guarantees, alongside delivering the appropriate level of service and privacy.
All data exchanged between two or more counterparties is authenticated and integrity-sure, with the additional benefit of version validity. These benefits persist, no matter how many times this data is on-transmitted. Additionally, risk bearing messages between two counterparties will benefit from encrypted exchange, guaranteed delivery and non-repudiation.
James Zorab, CEO Codel Ltd, comments "The point-to-point nature of this service ensures that the communications mechanism is truly private, and data so entrusted cannot possibly be revealed to any third party. The data exchange - no matter what form or format - also has the advantage of inherited persistent security in the form of the Codelmark - no matter how often the data is exchanged."
The main differentiator for this new service - Codel Envoy - is that the data is exchanged point-to-point between counterparties. Codel takes no custodial possession of the data and cannot therefore provide it to any third party.
Zorab comments further - "The data does not rest within our organisation. We provide all the required levels of security, privacy and delivery without retaining copies of the data exchanged. It follows that we could not supply to a third party copies of data that we do not have."
Offering a multi-telco solution allows customers to choose their service provider whilst enjoying the benefits of Codel Envoy.

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