The First International Bank of Israel has revealed that it will work with authentication company Transmit Security on meeting new risk-based multi-factor authentication standards.In a statement, the latter company said its Transmit Security Platform would enable FIBI to reduce the time it takes to add new biometric and mobile identity verification techniques to its customer facing applications by 90 percent.”First International Bank of Israel selected Transmit Security because we allow them to quickly implement multiple authentication use cases across all their different applications and customer service channels using one platform,” said Mickey Boodaei, CEO of Transmit Security.”We've developed a unique 'micro-services' architecture that enables organizations to implement new biometric and mobile-centric identity verification techniques in a fraction of the time.”Financial services regulations in Israel require that banks implement multi-factor authentication and non-repudiation techniques based on risk. As a result, fraud prevention systems must be able track the authentication process of each user and introduce stronger forms of authentication based on risk levels, authorized transactions and usage history.Transmit said that because its SP virtually eliminates software coding, FIBI was able to reduce the time it takes to add new biometric and mobile identity verification techniques to its customer facing applications by 90 percent.”It took less than two months to implement multiple authenticators to their mobile application including fingerprint, pattern drawing and OTP”, said Transmit.

Also in the news:

Default ThumbnailCrestron Partners with ekey on fingerprint locks Default ThumbnailBiometrics are just the ticket for UK’s train network Default ThumbnailDell offers fingerprint sensor as upgrade on laptop