Axway Supports Financial Services Industry with Dual-Factor Authentication for Secure Managed File Transfer.

Financial Institutions Are At Risk by Using "Inadequate" Authentication Methods

SCOTTSDALE, Ariz. -- Axway, Inc. today announced that with its Synchrony Managed File Transfer (MFT) the financial services industry can now utilize two-factor authentication for all transactions. By implementing two-factor authentication, financial institutions are better able to secure the electronic exchange of all "high-risk" transactions across all networks. This solution addresses "inadequate" authentication methods currently being used by financial services institutions.

The United States Federal Financial Institutions Examination Council (FFIEC) has stated that single-factor authentication is an "inadequate" method for protecting high-risk information, which is defined as non-public customer information and transactions consisting of the movement of funds between parties. Companies have made an effort to address security issues in relation to customer portals, but have fallen short of assessing and addressing all Internet, extranet and intranet activities. This includes file transfer protocol (FTP), secure file transfer and managed file transfer (MFT) technologies used to transport high-risk transactions. The standard practice for these technologies is to provide single-factor authentication, usually through a digital certificate or a password combination, but companies rarely use both authentication methods.

"In October 2005, the FFIEC required that financial institutions introduce stronger authentication by the end of 2006," said George Tubin, research director, TowerGroup. "By not implementing stronger authentication methods on all electronic exchanges, non-public consumer information is being put at risk."

Axway's Synchrony MFT solution consists of a combination of at least two authentication methods selected from two of three categories, such as passwords, digital signing certificate and biometrics. Synchrony MFT is configurable so that companies can apply the level of control and authentication appropriate for the content of the transactions processed by financial institutions. In addition, companies can specify when single-factor authentication will be used and when two-factor authentication is required.

"Financial services institutions are under more pressure than ever to provide heightened fraud and identity theft prevention to their customers. High profile cases have cost financial institutions millions in hard dollars and immeasurable amounts in negative impact," said Jim Haggard, solution director at Axway. "To address these concerns and help financial institutions meet the recommendations made by the FFIEC, our solution is the first of its kind designed to manage and secure all transactions - especially high-risk transactions."

To learn more about securing high-risk transactions, download Axway's free Webinar, "Single-Factor or Two-Factor Authentication for File Transfer - Is Your Financial Institution Still At Risk?" at http://www.axway.com/events/archive.php.

About Axway

Axway is the leading global provider of collaborative business solutions. Axway establishes the dynamic connections - within and among enterprises - that make companies easier to do business with. Over 8000 organizations worldwide depend on Axway to manage and control their business-critical information in motion - improving value chain efficiency, regulatory compliance and quality of service. Axway's solutions feature a highly flexible integration and B2B framework, analytics, services, and customized applications for the financial services and life sciences industries. A subsidiary of Sopra Group, SA, Axway is headquartered in Scottsdale, Arizona, and has offices in 20 countries.