"We are executing on our long term strategy with this acquisition," said Ben C. Barnes, ActivCard Chief Executive Officer. "This positions us as a leading provider of authentication and authorisation solutions for banks. This fast growing segment is part of the over $2 billion identity and access management market that is estimated to grow about 10 percent annually."
Banks face a complex problem today: Millions of customers are interacting with banks, through the web, phones, automated teller machines (ATMs), branches, and are using different identification and authentication methods for each. It has become increasingly difficult and costly for banks to manage the multiple systems needed to positively identify customers and approve transactions. Customers are required to authenticate themselves to prevent fraudulent activity and identity theft; however, they have become frustrated as they are forced to navigate through different security systems to access their accounts
and services.
The new set of ActivCard products, incorporating ASPACE's advanced technology, will enable banks to authenticate customers and provide authorisation for banking services, delivering a combination of better customer service and enhanced fraud protection. With ActivCard solutions, banks can start with identification and authentication services and migrate to a comprehensive authorisation system that supports multiple channels. This functionality is embedded in the 4TRESS solution, ASPACE's flagship product.
From a bank's perspective, the new ActivCard solution will positively identify customers to the bank, whether they are accessing their accounts through the Internet, via phone, ATM or other channel. Once the customer is authenticated, the system will manage authorisations and secure access to various services such as current accounts, credit cards, and home loans.
"This makes transactions simple to conduct for the customer, and less costly for the banks to manage and protect. Additionally, the solution enables banks to monitor and audit financial activity in compliance with national and international government regulations, such as the Gramm-Leach-Bliley Act and Basel II," continued Mr. Barnes. "Customers will ultimately have an easier and more secure experience while giving them the same level of confidence as a face-to-face interaction with their banker."
"We spent three years developing this first-of-a-kind solution in close cooperation with major banks," said Steve Keohane, ASPACE Solutions Chief Executive Officer. "Our 4TRESS software can be configured to match any banks' business processes. It enables the financial organisation to consolidate its security architecture across all channels and lines of business to achieve a consistent look and feel for users. We believe that this will drive costs down dramatically," continued Keohane.
Over the last eight years, ActivCard has delivered secure online banking solutions to financial institutions and currently has almost four million users worldwide, in such institutions as Barclays Bank in the United Kingdom, Credit Agricole in France, and First Republic Bank in the U.S. "With its strong sales and marketing channels, ActivCard can provide worldwide reach to ASPACE's business and technology solutions," added Mr. Barnes.
