Porticus And AgileCO Insure FFIEC Mandate Compliance For Financial Wire Transfer Applications
Voice Authentication Gateway Appliance Delivers Turn-Key Multifactor Biometric Security; Easily Integrated, Cost Effective and 'Spoof-Proof'
March 6, 2008
LINCOLN , MASS. -- Porticus Technology, Inc., which is driving the adoption of voice biometric authentication for secure and trusted remote communication, in conjunction with AgileCO’s AgilePAY platform, is offering banks and financial services institutions a turn-key, multi-factor solution to insure compliance with the Federal Financial Institutions Examination Council (FFIEC)* Guidance on Authentication in an Internet Banking Environment released in August 2006. In this recent publication, the FFIEC clarified its guidance applies to all forms of electronic banking, including call center and Interactive Voice Response (IVR).
The Guidance, originally released in October 2005, focused on the risks and risk management controls necessary to authenticate the identity of customers electronically accessing financial services. Due to the guidance, many banks and financial institutions have made strides to add ‘multi-factor' authentication to their Internet service options. However, in the revised 2006 mandate, the FFIEC indicated that strategies must apply to all forms of electronic banking.
"Using only something you know such as a PIN code or your mother's maiden name isn't as secure as each individual's unique voice print," said Germano Di Mambro, founder of Porticus Technology. "Porticus believes identifying oneself must be easy, private and convenient, regardless of spoken language or accent. We see a potential paradigm shift, similar to when ATM cards and machines were initially introduced in the 80s. In 2008, the industry has a similar opportunity to expand financial transaction services, with biometric security for remote customers personal and high-value information."
Versona by Porticus is a comprehensive framework based on a patent-pending voice algorithm developed during the course of two decades that relies on physiological aspects of the human vocal tract--making it less susceptible to background noise, recorded playback and intra-speaker variability (cold or flu). Versona has been tested on impersonators, twins and digital recordings to prove that it is not susceptible to being 'spoofed.'
Financial Industry’s first Wire Transfer Application Using Voice Biometrics
The Porticus and AgileCO combined service offering is unique in that it is the first time that standards –based (OpenID/Liberty SAML, Id Provider Platform, VoIP2.0) Mobile Wallet and Voice Biometric technology are being offered as a complete secure service. Local, regional and global financial institutions now have a self-service VoIP2.0 application to completely automate enrollment and verification with a hosted or managed turn-key gateway appliance. Combining Versona™ voice verification and AgileCO™ AgilePAY secure wallet and its “Ready for Business” VoIP2.0 application serves to secure wire transfer transactions. The solution enables financial service industry players to quickly implement an FFIEC-compliant solution without reprogramming their existing IVR applications or call flow.
According to AgileCO’s CEO, Ed Pimentel, “A cell phone-based version of the voice print-enabled PWallet (Private Wallet) will be available later this year using a Security as a Service business model. This downloadable software version will be available globally, for Nokia and other wireless devices.” The (private label and SaaS) service brings together financial institutions (Banks, Credit Unions, ATM Networks), mobile operators, global SMS aggregators and Identity Providers in a common easy, secure and convenient infrastructure.
With all these entities on board AgilePAY PWallet has the potential of reaching a broader audience than previous attempts at introducing mobile financial services. This service provides bank customers with the ability to request bank balances and mini-statements, account to account ( KYC/AMAL compliant) transfers, Wired Transfer using Voice Biometric, as well as prepay mobile phone top-ups.
Tested Solution Insures Data Protection
For years, it has been suggested that unique measurable human traits such as a fingerprint, voice print or retinal scan are useful in establishing greater security while automating the authentication process. When implemented correctly, biometrics protect personal privacy better than any other method. Voice is the leading option for remote authentication as it is the most natural, least invasive and least expensive biometric to integrate.
For organizations interested in learning more about how to integrate secure voice authentication within your business environment, please contact Porticus at +1-888-549-5556.
About AgileCO
AgileCO is a Web2/SOA software company that offers advanced self-service solutions that enable banks, credit unions, Tier 1 Payment Processor, Credit Card Companies and other financial institutions to offer personalized, human quality self-service banking and payment to customers 24/7 via telephone, Internet and wireless devices. Incorporating the latest security (Liberty/SAML/RealID/OpenID) industry-standards and advanced voip2.0 technologies, AgileCO's solutions are quick and easy to deploy through a highly secured and reliable hosting environment, and typically pay for themselves within three to six months. A privately held company headquartered in Alpharetta, Georgia, AgileCO markets its products and services directly and through third-party partners.
For more information, please visit AgileCO.net or call 678.522.8511.
About Porticus Technology, Inc.
Porticus Technology™ is driving the adoption of voice biometric authentication for secure and trusted remote communication. Based on more than a decade of research and development in forensics, Porticus' patent-pending voice print technology overcomes common problems associated with voice biometric use such as background noise interference and recording playback. The company's suite of software-only solutions--Versona™ --can be customized and easily integrated or embedded for multi-factor user authentication within highly regulated markets such as banking, financial services, gaming and health care. The company is headquartered in Massachusetts and maintains research and development facilities in Europe and Asia. For more information, visit www.porticusinc.com.
*The FFIEC prescribes uniform principles, standards and report forms for financial institutions. Information on the Guidance can be found at: http://www.ffiec.gov/press/pr081506.htm