Fiserv Says ITI Joins Forces with VASCO Data Security to Offer Multifactor Authentication; One-Time Password Token is Best Option for Internet Banking Security
Fiserv Says ITI Joins Forces with VASCO Data Security to Offer Multifactor Authentication; One-Time Password Token is Best Option for Internet Banking Security
January 19, 2006
Fiserv Says ITI Joins Forces with VASCO Data Security to Offer Multifactor Authentication; One-Time Password Token is Best Option for Internet Banking Security LINCOLN, Neb.--Jan. 19, 2006--As the battle against online banking fraud escalates, so does the race against time for financial institutions to comply with federal directives to deploy multifactor authentication by the end of 2006. Software and services provider Information Technology, Inc. (ITI) has already teamed with VASCO Data Security International to offer bankers the Digipass one-time password (OTP) token solution to provide that required second level of customer verification. ITI is a unit of Fiserv, Inc. (Nasdaq:FISV)
OTP tokens are "connectionless" devices that provide an "air gap" between the token and the network, eliminating the need for connection to a hosting device that may be infected. OTP tokens are also portable, capable of cross-platform and cross-channel - voice response unit (VRU) automated teller machine (ATM) and network - functionality, and cannot be duplicated, remotely hacked or spoofed. They will be integrated with ITI's consumer and business Internet banking products, Premierecom and Premierecorp.
"Our research into the many different multifactor authentication solutions currently available determined that OTP tokens are among the most secure currently available," said Kim Killingsworth, ITI senior vice president and general manager of the eSolutions e-commerce operating unit. "Reviewing all options available, we found that VASCO's Digipass product has a combination of unique features - including Web site authentication, challenge-response and digital signatures - that will provide our clients with high levels of security." Killingsworth added that ITI's open, service-oriented architecture also supports the efficient integration of additional multifactor authentication solutions.
"We're very happy to join forces with ITI and Fiserv to assist their clients with enhancing their security processes," said Jan Valcke, VASCO's president and COO. "Particularly with the recent Federal Financial Institutions Examination Council (FFIEC) guidance, the proven flexibility and security of our Digipass strong authentication products give bankers the confidence they need to deal with constantly evolving forms of fraud and the growing needs of their customers."
ITI's parent company, Fiserv, has signed an enterprise-wide agreement with VASCO. ITI is the first Fiserv core processing business unit to incorporate the VASCO technology.
VASCO designs, develops, markets and supports patented user authentication products for the financial world, remote access, e-business and e-commerce. VASCO's user authentication software is delivered via its Digipass hardware and software security products. With over 18 million Digipass products sold and delivered, VASCO has established itself as a world leader for strong user authentication with over 420 international financial institutions and approximately 2,100 blue-chip corporations and governments located in more than 100 countries. VASCO can be found on the Web at www.vasco.com.
Serving more U.S. banks and savings institutions than any other software and services vendor, ITI offers several core solutions, including the Premier and PCS Vision suites, as well as a broad range of supporting products and services. Founded in 1976, ITI works closely with some of the best-known technology companies in the world and has grown to incorporate businesses and offices nationwide, including its Premier, Precision Computer Systems (PCS), Branch Automation, eSolutions, Digital Solutions, Decision Metrics and Professional Services operating units. ITI can be found on the Internet at www.itiwnet.com.
Fiserv, Inc. is a provider of information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.
OTP tokens are "connectionless" devices that provide an "air gap" between the token and the network, eliminating the need for connection to a hosting device that may be infected. OTP tokens are also portable, capable of cross-platform and cross-channel - voice response unit (VRU) automated teller machine (ATM) and network - functionality, and cannot be duplicated, remotely hacked or spoofed. They will be integrated with ITI's consumer and business Internet banking products, Premierecom and Premierecorp.
"Our research into the many different multifactor authentication solutions currently available determined that OTP tokens are among the most secure currently available," said Kim Killingsworth, ITI senior vice president and general manager of the eSolutions e-commerce operating unit. "Reviewing all options available, we found that VASCO's Digipass product has a combination of unique features - including Web site authentication, challenge-response and digital signatures - that will provide our clients with high levels of security." Killingsworth added that ITI's open, service-oriented architecture also supports the efficient integration of additional multifactor authentication solutions.
"We're very happy to join forces with ITI and Fiserv to assist their clients with enhancing their security processes," said Jan Valcke, VASCO's president and COO. "Particularly with the recent Federal Financial Institutions Examination Council (FFIEC) guidance, the proven flexibility and security of our Digipass strong authentication products give bankers the confidence they need to deal with constantly evolving forms of fraud and the growing needs of their customers."
ITI's parent company, Fiserv, has signed an enterprise-wide agreement with VASCO. ITI is the first Fiserv core processing business unit to incorporate the VASCO technology.
VASCO designs, develops, markets and supports patented user authentication products for the financial world, remote access, e-business and e-commerce. VASCO's user authentication software is delivered via its Digipass hardware and software security products. With over 18 million Digipass products sold and delivered, VASCO has established itself as a world leader for strong user authentication with over 420 international financial institutions and approximately 2,100 blue-chip corporations and governments located in more than 100 countries. VASCO can be found on the Web at www.vasco.com.
Serving more U.S. banks and savings institutions than any other software and services vendor, ITI offers several core solutions, including the Premier and PCS Vision suites, as well as a broad range of supporting products and services. Founded in 1976, ITI works closely with some of the best-known technology companies in the world and has grown to incorporate businesses and offices nationwide, including its Premier, Precision Computer Systems (PCS), Branch Automation, eSolutions, Digital Solutions, Decision Metrics and Professional Services operating units. ITI can be found on the Internet at www.itiwnet.com.
Fiserv, Inc. is a provider of information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.