Yodlee, Inc. and RSA Security Inc. (Nasdaq:RSAS) today announced a strategic alliance to help ensure compatibility of two-factor authentication and aggregation-powered applications for financial institutions and their customers.
Through the alliance, Yodlee and RSA Security will integrate the latter's strong (one-time password-based) authentication solutions with the full suite of Yodlee's aggregation-powered services, including online bill payment and personal financial management (PFM). In this way, customers will benefit from the high-convenience and information access that consumers have come to expect on the Internet, combined with a heightened level of security to protect against online fraud. The integrated solutions will also help financial institutions as they make plans to assess and strengthen online security to meet the newly-published FFIEC guidelines.
"The growth of malware on the Internet and the recent guidance from the FFIEC have prompted a renewed urgency into finding methods and technologies that will combat online fraud, including two-factor authentication," said Schwark Satyavolu, Chief Technology Officer at Yodlee. "RSA Security's experience with one-time password technology and its visionary new 'service-based model' make RSA Security a perfect strategic partner for Yodlee in serving the needs of the financial market. This is part of an ongoing commitment at Yodlee to work with leading vendors, standards organizations and financial institutions to ensure the compatibility of aggregation technology with new strong authentication approaches."
Yodlee has been a strong contributor in industry forums such as the Financial Services Technology Consortium, BITS, and the Liberty Alliance, to develop new standards for online authentication and stronger security practices.
"Yodlee-powered applications are at the heart of many consumers' online financial activities today, and our collaboration is a great example of responsible leadership. We are offering all parties unparalleled functionality for online financial transactions and robust security to protect data and identities," said Christopher Young, Vice President, Consumer Authentication Services at RSA Security. "By leveraging our proven identity protection techniques and Yodlee's compelling consumer functionality and security infrastructure, we will take significant steps toward fostering renewed confidence among consumers and financial institutions alike. This underscores the fact that effective safeguards against phishing and other forms of online fraud are available - and ready to use - today."