Fundtech incorporates Vasco two-factor authentication technology
27 April 2006 | 2313 views | 0
Fundtech Ltd. (NASDAQ:FNDT), a leading provider of end-to-end corporate banking software and services, today announced a strategic alliance with VASCO Data Security International (NASDAQ:VDSI) to incorporate multifactor authentication into Fundtech's cash management and payments products.
The partnership will enable Fundtech clients to seamlessly integrate advanced security services using a secondary level of customer verification for high-risk online transactions.
Single factor authentication is now regarded as insufficient for financial institutions employing browser based products that generate transactions or display customer data. As instances of online bank fraud increase, the FFIEC (Federal Financial Institutions Examining Council) has enacted new regulations mandating that financial institutions implement multifactor authentication by the end of 2006 to validate the identity of customers using online products and services.
Fundtech is an early adopter of secondary authentication, and has a proven track record of successful multifactor security deployments among a number of its international cash management customers. In light of the new FFIEC regulations, Fundtech is making secondary authentication easy to implement across its product lines and has partnered with VASCO because of it large installed based and its product's superiority.
By leveraging VASCO's Digipass solution, Fundtech can offer customers of any size a cost-effective, portable solution to certify customer identity and mitigate risk. Each Digipass strong authentication product contains a unique algorithm that generates a time-based, one-time use password that changes with every use and cannot be duplicated, remotely hacked, or spoofed. Other functionalities of Digipass include e-signatures, host authentication, challenge-response and more. All Fundtech browser-based products can connect to Digipass via a customized API, providing clients a seamless validation process.
"By partnering with VASCO, Fundtech is providing its customers with a seamless integration to the highest quality security solutions available," said Brian Jou, Fundtech's Senior Vice President of US Products. "We are committed to making it easy for our customers to comply with the new regulations by offering them a user-friendly security solution that delivers piece of mind for their high-risk transactions."
"VASCO is delighted to offer Fundtech's clients user authentication solutions that defend against today's threats and tomorrow's potential hazards," said Jan Valcke, President and COO of VASCO. "Our Digipass products will provide Fundtech customers an easy to use, proven solution to address the security chasm created by using static passwords to authenticate users, delivering an extra layer of security to protect clients from increasing forms of online transaction fraud."