PortWise today announced that private Indian bank, YES BANK, has adopted PortWise as its corporate standard for Secure Application Access for all retail banking customers reflecting its commitment to combating the issues of identity theft and fraud.
YES BANK has launched its Retail and Corporate Net Banking service, which will offer some first-of-its-kind features, including two-factor authentication, RTGS (Real Time Gross Settlement) and Single Pin through PortWise's sophisticated authentication and transaction authorisation procedures.
"At YES BANK, our priority is delivering solutions that take into account present and future customer needs," said H. Srikrishnan, Executive Director, YES BANK. "We identified that current and prospective customers have access to a PC with a reliable bandwidth connection, but a key concern was the ability for us to guarantee a high level of security, giving them the confidence to use Internet banking without the worry of fraud or theft. Thus, our priority was addressing this issue and identifying a solution, which would improve customer confidence and provide a reliable and user-friendly experience. PortWise was able to meet our requirements effectively."
YES BANK will be the first "two-factor authentication" enabled online banking offering in India. Two Factor authentication works on two levels of authentication. A customer will be required to input a username and password to access his account and for transactions above a certain value, will be sent a one-time password through his mobile phone or PDA for that transaction thus providing a second level of authentication. The PortWise solution will also enable YES BANK to offer retail customers secure Single Pin access allowing the customer to use his ATM PIN to access all direct banking channels, including the Internet, thus freeing the customer from the hassle of remembering multiple pins.
"The immediate benefit we have seen is how customers perceive us," noted Srikrishnan. "Technology has to deliver secure solutions in a convenient and user-friendly manner to our customers in order to increase the propensity of Internet banking. PortWise is both flexible to integrate and delivers multiple identification and authenticating solutions based on various business scenarios and customer needs."
PortWise is the industry's first fully integrated and completely extensible software platform for Secure Application-Centric Access. The PortWise software platform provides a holistic approach to secure internal and external access to applications. Using the PortWise software platform, it is possible to provide completely secure access to critical information and applications for internal users, the mobile workforce and integrated distributed partner networks from any device in any location.
YES BANK intends to deploy PortWise as a single sign on application for all corporate Internet banking customers and for internal systems as well over the next year.