Transmit Security, the programmable authentication company, today announced the First International Bank of Israel (FIBI) is deploying its platform to meet regulatory mandates that require the implementation of risk-based multi-factor authentication and nonrepudiation.
The Transmit Security Platform (SP) virtually eliminates software coding and allows FIBI to reduce the time it takes to add new biometric and mobile identity verification techniques to its customer facing applications by 90 percent. FIBI is the second top five bank in Israel to implement Transmit SP this year.
FIBI is among Israel’s five largest banking groups. It provides a wide range of financial products and services to customers with the highest standards of professionalism and service. FIBI group includes the parent company, First International Bank, and its banking subsidiaries in Israel: Otsar Ha-Hayal Bank and Massad Bank. Together, the three banks operate a network of over 172 branches. FIBI has assets of over NIS 125 billion and maintains a stable capital base that is among the largest in the banking system and indicative of the Group’s financial strength.
“First International Bank of Israel selected Transmit Security because we allow them to quickly implement multiple authentication use cases across all their different applications and customer service channels using one platform,” said Mickey Boodaei, CEO of Transmit Security. “We’ve developed a unique ‘micro-services’ architecture that enables organizations to implement new biometric and mobile-centric identity verification techniques in a fraction of the time.”
Financial services regulations in Israel require that banks implement multi-factor authentication and non-repudiation techniques based on risk. As a result, fraud prevention systems must be able track the authentication process of each user and introduce stronger forms of authentication based on risk levels, authorized transactions and usage history.
Since Transmit SP virtually eliminates software coding, FIBI was able to reduce the time it takes to add new biometric and mobile identity verification techniques to its customer facing applications by 90 percent. FIBI was able to integrate Transmit SP in a quick and friction-less process. It took less than two months to implement multiple authenticators to their mobile application including fingerprint, pattern drawing and OTP.
Transmit SP can add any form of authentication (facial/selfie, eye, voice biometrics, SMS, etc.) to any application (web, mobile, call center, point of sale, ATMs, etc.) without the need to make any application code level modifications. To eliminate the need to embed authenticators into each application, Transmit SP uses a simple interface to offload all authentication and provisioning tasks. It provides a wide set of built-in authentication methods that enable organizations to mix-and-match any combination of authenticators. Transmit SP also supports any existing third-party authentication or anti-fraud products in use, and can orchestrate real-time responses based on customer configured policies.