Printer Friendly


 COLUMBUS, Ohio, Sept. 16 /PRNewswire/ -- The Huntington National Bank recently became the first bank worldwide to successfully implement the User Security Enhancement (USE) technology developed by SWIFT, an international bank telecommunications network that sends messages via personal computer faster and less expensively than Telex. This technology improves the security of messages in the system and replaces a cumbersome paper-based technology.
 SWIFT, the Society for Worldwide Interbank Financial Telecommunications, is a cooperative telecommunications network owned by its members and headquartered in Belgium. It provides computer-to- computer communications for its 1,600 member banks in 71 countries. SWIFT dominates international banking communications.
 Prior to SWIFT's phase-in of the equipment internationally in 1994, The Huntington National Bank was selected as one of two banks within the United States to serve as a pilot test site for the new USE technology. On Aug. 2, Huntington successfully connected to the system using an integrated circuit card and a secure card reader, replacing the prior use of paper LOGIN/SELECT tables as the means of storing network-access codes. As the paper tables could be compromised or unreadable, the new technology offers additional security to the SWIFT network of users.
 With the first phase of testing completed without incident, The Huntington began the second phase of the pilot by testing the USE application live on the network. On Aug. 13, 1993, Huntington became the first bank in the world to come live for this function.
 Another major USE innovation in the project is the exchange of bilateral authentication keys over the SWIFT network. When a message is sent via SWIFT, the message might be a letter of credit, payment order to an overseas bank for customers who have to pay bills in foreign countries, or statements for foreign banks that maintain accounts with The Huntington. Before USE, the sending bank had to communicate to the receiving bank, via costly registered mail, the authenticator key. With USE, these authenticator keys will be transmitted electronically, thereby offering a more secure way to transmit the keys as the receiving bank, upon receipt of the message, can verify if the message was actually sent by the institution initiating the transaction. And, the costs associated with registered mail will be eliminated.
 Fourteen financial institutions in seven countries are participating in the pilot testing that began Aug. 2. An additional 70 users will be added this fall to the pilot test. By the end of January 1994, SWIFT plans to phase in the integrated circuit cards and card readers for live use with all network members being live with the new technology by the end of 1994.
 "The enhancement of network security offered by USE is dependent on the whole SWIFT network user community implementing this technology. Therefore, The Huntington is proud to have been the first to successfully complete its pilot testing," said John M. Jourdan, senior vice president and manager of Huntington's International Division.
 Huntington Bancshares Incorporated (NASDAQ: HBAN) is a $16 billion regional bank holding company headquartered in Columbus, Ohio. The company's banking subsidiaries operate 310 offices in Ohio, Florida, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia. In addition, Huntington's mortgage, trust, investment banking, and automobile finance subsidiaries manage 66 offices in the seven states mentioned as well as Connecticut, Delaware, Illinois, Maryland, Massachusetts, New Jersey, North Carolina, Rhode Island, and Virginia.
 -0- 9/16/93
 /CONTACT: Dorothy Brownley of Huntington National Bank, 614-463-4531/

CO: Huntington National Bank ST: Ohio IN: FIN SU: PDT

KL -- CL012 -- 2789 09/16/93 15:40 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 16, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters