Israeli bank FIBI deploys Transmit Security’s multi-factor authentication platform
The First International Bank of Israel (FIBI) has become the second top five bank in Israel this year to deploy the Transmit Security Security Platform to meet regulatory requirements regarding risk-based multi-factor authentication and nonrepudiation.
According to the company release, the Transmit SP almost entirely eliminates software coding and cuts down on the time it takes FIBI to provide new biometric and mobile identity verification methods for its customer-facing applications by 90 percent.
FIBI was able to seamlessly integrate Transmit SP in less than two months, adding multiple authenticators to its mobile application including fingerprint, pattern drawing and OTP.
Transmit SP enables users to add any authentication method including face, eye, voice biometrics and SMS to any application (web, mobile, call center, point of sale, ATMs) without having to make any application code level changes.
Using a simple interface to offload all authentication and provisioning tasks, the solution provides a wide range of built-in authentication methods that enable organizations to select any combination of authenticators.
The solution also supports any existing third-party authentication or anti-fraud products currently in use, and can set real-time responses based on customer configured policies.
“First International Bank of Israel selected Transmit Security because we allow them to quickly implement multiple authentication use cases across all their different applications and customer service channels using one platform,” said Transmit Security CEO Mickey Boodaei. “We’ve developed a unique ‘micro-services’ architecture that enables organizations to implement new biometric and mobile-centric identity verification techniques in a fraction of the time.”
Israel’s financial services regulations require that banks implement multi-factor authentication and non-repudiation techniques based on risk, which means that fraud prevention systems must be able track the authentication process of each user and provide stronger authentication methods based on risk levels, authorized transactions and usage history.
As one of Israel’s five largest banking groups, FIBI and its banking subsidiaries — Otsar Ha-Hayal Bank and Massad Bank — operate a network of over 172 branches with assets of over NIS 125 billion (US$33,029,692,500).
Earlier this year, Transmit Security raised $40 million in a self-funded round of financing.