Industry News Desk
ActivIdentity Mini-tokens Selected to Meet New FSA Requirements
The FSA has issued a mandatory requirement for all banks offering internet banking facilities to provide users with a 2nd factor
Aug. 26, 2008 07:00 PM
ActivIdentity, Inc. (NASDAQ: ACTI), a global leader in digital identity assurance, today announced that the Hana Financial Group has selected ActivIdentity Mini-tokens to meet the new Financial Security Agency (FSA) mandatory requirement set by the South Korean government.
The FSA has issued a mandatory requirement for all banks offering internet banking facilities to provide users with a 2nd factor, for the purposes of strong authentication, in the form of an OTP token. The requirement took effect on May 1, 2008.
“A major requirement of the Hana Financial Group was to select a standards-based authentication solution. The ActivIdentity Mini-token was selected as it complies with the OATH open standard, providing compatibility with 3rd party software, and assurance of future proofing as industry requirements move over time.” A Hana Bank spokesperson said. “Compliance with the FSA requirement means that we have to invest in the devices upfront. We selected the ActivIdentity Mini Token because it is a standards-based solution, combining competitive purchase cost, no royalty –based renewal cycle, and longer battery life. This provides Hana Financial Group with the strongest return on investment.”
The three year deal signed through the ActivIdentity reseller Innet, marks a significant entry into the highly competitive South Korean market.
“We have shown our commitment to our partners and customers by meeting their critical requirements of delivery timeline, price competitiveness and product usability. As an organization committed to supporting global industry standards, we look forward to helping more organizations meet the FSA requirement in the future”, said Andy Castle General Manager & VP Asia Pacific.
ActivIdentity OATH Mini-tokens have been FSA approved for use in Korea.
ActivIdentity® Corporation (ACTI - News) identity solutions secure the business of enterprise, government, and financial services organizations worldwide. Trusted identity is the core of the ActivIdentity platform enabling security for data, networks, applications, passwords and credentials, web, email and documents, transactions as well as converged security.
ActivIdentity solutions support the convergence of physical and logical identity through strong authentication with smart card lifecycle management, adding enterprise single sign on, and data encryption and digital signature.
ActivIdentity customers experience multiple benefits including increased network security, protection against identity theft and online fraud, enhanced workforce productivity, business process efficiencies, and regulatory compliance.
Headquartered in Fremont, CA (USA), ActivIdentity develops products in the United States, Australia, and France, and has sales and technical service centers in more than ten countries. More than 15 million users and 4,000 customers worldwide rely on ActivIdentity identity assurance technology to address growing internal and external risks. The company works with world class partners such as EDS, Hewlett-Packard, IBM, Microsoft, Novell, and Sun Microsystems. For more information, visit www.actividentity.com.
For more information please contact Naz Ekim (email@example.com) - +1-212-239-8475 at Gutenberg Communications.