Printer Friendly

ITI Unit of Fiserv Develops the Financial Industry's First Internet Banking Security Toolkit.

LINCOLN, Neb. -- Comprehensive Package Offers Bankers the Resources Needed to Meet FFIEC Guidance

While the Federal Financial Institutions Examination Council (FFIEC) guidance is clear in its call for more stringent risk management controls of Internet banking customer authentication to be in place by year-end, guidance as to how America's bankers should attain these goals has not been as clear. Financial software and services provider Information Technology, Inc. (ITI), a business unit of Fiserv, Inc. (Nasdaq:FISV), today introduced a new "toolkit" that can help the financial industry solve this problem.

ITI's Internet Banking Security Toolkit is a unique body of knowledge that assists financial institutions with their compliance and strengthens their risk mitigation practices. This carefully researched collection of sophisticated consulting materials is a first for the industry, using printed documents and electronic media packaged as an executive-level solution. It provides background, an interactive risk assessment survey, an overview of available solutions, and recommended next steps.

"Financial institutions are spending a tremendous amount of time and effort researching multifactor authentication options, trying to determine how best to perform risk assessments and educate their customers," said Jim Sizemore, ITI senior vice president and CIO. "Partnering with clients to leverage our collective technology expertise, particularly in the area of Internet banking, ITI developed a step-by-step approach to dealing with these different risk areas." ITI's consulting staff, including banking executives and auditors, has substantial "real-world" experience in operations risk management, Sizemore added.

Mike Thomson, senior vice president of operations at the Bank of Walnut Creek in Walnut Creek, Calif., appreciates not having to reinvent the wheel. "A lot more questions than answers come to mind when faced with complying with the FFIEC guidance," he said. "Where do we go from here? What would the regulators like to see? Is what we're doing adequate or way too much? This toolkit provides this valued direction, helping us to comply in a much more efficient manner. I highly recommend this to other banks."

The Internet Banking Security Toolkit risk assessment survey asks bankers detailed questions pertaining to topics such as password policies, Internet banking session management, enrollment processes and transaction-specific risk for both retail and commercial customers. The answers to these and other questions are then ranked to help bankers develop a clearer picture of risk mitigation issues they may face. Following executive review, the data collected can be shared with regulators as required.

"The survey also reminded us of features our Premierecom Internet banking software provides that we're not currently using," said Thomson. "It asks the right questions, enabling us to go back and reevaluate how we could utilize those features and get the most from the software."

The toolkit reviews various multifactor authentication offerings, brings to light features in the financial institution's current software that can be used to negate risk and shows how to implement a risk mitigation strategy. In addition, because the FFIEC guidance identifies the need for education on multifactor authentication, ITI provides financial institutions access to both a staff and consumer education program. It includes fully customized instruction and marketing materials to help ensure smooth deployment of this additional layer of security.

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. A subsidiary of Fiserv, Inc., ITI can be found on the Internet at www.itiwnet.com.

Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, business process outsourcing and software and systems solutions. The company serves more than 17,000 clients worldwide, including banks, credit unions, financial planners and investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $4.1 billion in total revenue for 2005. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 and 2005 FinTech 100 surveys by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Comment:ITI Unit of Fiserv Develops the Financial Industry's First Internet Banking Security Toolkit.
Publication:Business Wire
Geographic Code:1USA
Date:Apr 10, 2006
Words:737
Previous Article:Gain an Insight into How Major Companies Develop Leaders and Manage Performance.
Next Article:Colorado Awards MAXIMUS Child Health Plan Plus Marketing and Outreach Contract.
Topics:


Related Articles
Fiserv Says ITI's Premier Chosen by Progressive Bank; Bank Cites Core Solution Integration and Efficiency as Key.
Fiserv Says Adoption Rates of Premierecom and Premierecorp Internet Banking Products Top the Industry.
Fiserv Says ITI Joins Forces with VASCO Data Security to Offer Multifactor Authentication; One-Time Password Token is Best Option for Internet...
Fiserv CCS and ITI Deliver a Single-View Data Warehouse Suite.
Fiserv ITI's Premier Suite Chosen by Southwest Securities; Bank Cites Product Integration and an Array of Client Service as Reason for Choice.
Fiserv ITI to Convert Innovative Bank to Its Premier(R) Solution; Seamless Integration Between Core Processing and Loan Functionality Drives Decision.
Fiserv Premier Chosen by Northpointe Bank.
Fiserv Unit ITI's Premier Becomes New Core System for Denmark State Bank; Bank impressed with integration and ease of use offered by ITI's core...
Multi-Factor Authentication Launches for USERS' Credit Union Clients.
For New Year Credit Union Members Gain Secure Internet Banking Access Anytime, Thanks to Enhanced Security of MFA.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters