Corillian Corp. (NASDAQ: CORI), the top provider of online banking, online payments and anti-fraud solutions to the financial services industry, is the first online banking solutions provider to offer its customers the integration of a strong authentication solution into its online banking applications.
This is in direct response to the recent Federal Financial Institutions Examination Council's (FFIEC) guidance and will enable Corillian customers to provide a strong, multi-layer authentication solution enterprise-wide by year-end 2006. Strong authentication will be achieved in these applications using Corillian's recently-released Corillian Intelligent Authentication, a patent-pending security solution for strong authentication.
Intelligent Authentication incorporates a multi-layered approach to authenticate online banking users. Moving beyond the two-factor or multifactor authentication solutions available in the market today, the multi-layered approach provides a stronger form of authentication without compromising the online banking experience for end users. In addition to a user name and password, Intelligent Authentication leverages multiple patterns of online banking behavior and attributes of the online banking user to determine when it is necessary to block or challenge suspicious visitors. This multi-layered authentication approach is transparent to the end user and provides a user-friendly approach, while ensuring the visitor to a Web site is a legitimate user.
Financial institutions that leverage any of Corillian's online banking applications for their consumer, business, credit card or wealth management customers will now have access to this advanced feature to offer their end users stronger online banking security, backed by Intelligent Authentication on every session. The integration of Intelligent Authentication into these applications ensures a quick, secure and reliable implementation of this advanced feature when it is selected by the institution. Intelligent Authentication is also available for clients using custom implementations of the Corillian Voyager platform, and can be used as a method to strengthen the authentication features of any web-based e-commerce system.
Used in combination with a site's existing online authentication methods, Intelligent Authentication strengthens a Web site's security measures with additional layers of protection, and provides multiple modes of authentication including out-of-band options, complying with the FFIEC strong authentication guidance completely, as confirmed in a recent meeting with the FDIC.
"Intelligent Authentication was designed and built to help organizations, whether they partner or not with Corillian for online banking, to deliver user-friendly, strong online multifactor authentication to their customers across the enterprise and to ensure FFIEC compliance," said Alex Hart, president and CEO of Corillian. "By including Intelligent Authentication into our online banking products, Corillian is now taking the lead in delivering an FFIEC-compliant, multi-layer authentication solution that is tightly integrated with our best-of-breed online banking solutions. Financial institutions can now deliver an industry-leading online banking service to all of their online banking users that is compliant with the new FFIEC guidelines."
Intelligent Authentication employs a behavioral approach to authentication by building a history of "access signatures" for individual users. This is accomplished by collecting and validating information about each user's computer and method of Web site access without collecting personally identifiable information or requiring participation of the end user in the data collection process. An electronic access signature is created by combining a number of key identification points, such as IP address, Internet service provider, PC and browser settings, time of day and geographic location. It is a zero footprint authentication solution that does not require client hardware or software, is not dependent on the existence of any special marker or cookie on the user's PC, and does not require interrogation of the user's PC via downloaded software.
"Financial institutions need to protect the investment they have made in the online channel and provide a high level of confidence to their customers," said Jim Maloney, chief security executive for Corillian. "Integrating Intelligent Authentication into our online banking applications is another demonstration of Corillian's continued commitment to proactively work with our customers to help them reduce the risk of online fraud and identity theft across all lines of business. We look forward to helping our customers meet the FFIEC guidance and ultimately to further build confidence among their online banking users."