allowing banks to meet FFIEC compliance
Fundtech Ltd. (NASDAQ: FNDT), a leading provider of global electronic payment, settlement and cash management solutions and VASCO Data Security International, Inc. (Nasdaq: VDSI), the leading software security company specializing in authentication products, today announced that their joint approach in the U.S. banking market has resulted in several customer wins.
The security awareness in the U.S. banking sector has been rising recently due to a number of factors. Fraudulent tactics such as Phishing, pharming and man-in-the-middle attacks have hit the industry hard, and banks are now looking for solutions that can protect their customers and their core business. To address these issues, the Federal Financial Institutions Examination Council (FFIEC) has published guidelines titled âAuthentication in an Internet Banking Environment.â
The combination of Fundtechâs cash management and payments banking software and VASCOâs VACMAN Controller/Digipass strong authentication technology creates an easy to install and use secure online banking solution. The joint product offering between Fundtech and VASCO allows banks to meet t he FFIEC authentication guidelines.
âWe are pleased to partner with the industryâs leading provider of authentication security solutions,â states Michael Sgroe, President and COO, Fundtech. âWe have embedded VASCOâs VACMAN Controller into our solutions to make it easy for banks to implement and administer authentication in their operations. The embedded solution is a unique offering that other cash management vendors do not provide. It is yet another example of how Fundtech has helped to reduce fees and streamline operations for banks.â
âThe success of Fundtech and VASCO proves that U.S. banks see it as their duty to secure their customers against online fraud,â said Jan Valcke, VASCOâs President and COO. âWe are convinced that together we will make the Internet a more secure place for e-banking.â