Infotech Lead India: Federal Bank has deployed Infosys Finacle to enable Two Factor Authentication (2FA) solution to strengthen the bank’s authentication system for its corporate and retail Internet banking customers.
Infosys in a strategic partnership with CA Technologies implemented the security framework.
Built on CA AuthMinder Versatile Authentication Server and PKI soft credential, the platform provides two-factor authentication helping organizations provide customers with robust security and a superior user experience at low cost of ownership.
Infosys claims that the solution helps ensure mutual strong authentication between the bank and the end-user enabling an easy and transparent user login experience. This solution supports both retail and corporate Internet banking channels across multiple form factors like hardware token, software credential (CA ArcotID) and One Time Password (OTP).
The solution is important for Federal Bank that has a branch network of 1008 branches and 1077 ATMs spread across the country.
The solution supports Public Key Infrastructure (PKI), dynamic passcodes which protects customers against various kinds of existing and emerging security threats such as phishing, man-in-the-middle, brute-force attacks, and replay attacks to name a few.
“Protecting our customer’s interest by investing in secure channels at Federal Bank continues to be our focus. Through our partnership with Finacle we were confident our adoption of CA Technologies two-factor authentication solution would be implemented successfully and on time,” said KP Sunny, CIO, Federal Bank.
Post the deployment of two-factor authentication module, we have built the capability to provide extra security to customer’s online transactions and enhance our end user’s experience.
Protecting a customer’s identity while he is on any digital banking channel is a primary concern for banks.
“With this implementation Finacle e-banking solution ensures seamless security as it delivers robust protection in the form of two-factor authentication,” Venkatramana Gosavi, associate vice president – South Asia Finacle, Infosys.
“Being a leading provider of advanced authentication security solutions, we are proud that Federal Bank is among the adopters of two-factor authentication technology from Finacle eBanking in India. With our advanced authentication solutions, customers will have an optimized user e-banking experience with an increased level of security,” said Raj Gopalakrishna, vice president, Security and Innovations, CA Technologies.