Daon’s Biometric Identity Management Solution Tightens Financial Companies’ Security
DaonEngine’s Secure Authentication Increases Security and Transaction Accountability
Daon, the identity management company, has launched its comprehensive security and authentication solution designed specifically for financial companies. The DaonEngine provides enhanced control and reduced operational risk, by ensuring only authorised users access the system and carry out transactions. It also creates an audit trail recording every log-on and transaction, making transactions non-repudiable and users accountable. Daon is a client of Enterprise Ireland, the Irish government’s trade and technology body, and is launching the new solution at the Financial Times ‘Fighting Financial Crime’ conference in London.
“The urgent need for cost and risk reduction is driving enormous IT infrastructure changes within the financial services sector,” said Oliver Tattan, CEO at Daon. “Financial services institutions are rationalising processes and increasing automation; implementing rigorous controls to manage operational risk; centralising or outsourcing common operations to enhance efficiency and introducing flexible work practices to improve productivity. However, none of these critical initiatives can be contemplated without addressing the key issues of security, accountability and control.”
“The verification of each user is at the heart of the security process. If a user is not accurately authenticated, security is easily breached. Similarly if a transaction cannot be positively linked to a specific user, there is no real accountability for the transaction,” added Tatton.
From an administrative point of view, the management of user identities is centralised, which reduces the costs of confirming identity. A single sign-on method for all applications is enabled, taking considerable complexity and cost out of administration.
Daon’s flagship product, DaonEngine supports multiple authentication modes and incorporates a comprehensive biometric authentication system. DaonSign adds the capability to carry out legally binding digital signatures. Combined, the identity management solution provides complete user authentication enhancing security, accountability and control in financial companies.
Additional features of the Daon solution include the ability to securely enable:
Log-on to Microsoft Windows(r) – Daon protects access to core
infrastructure by controlling access to Windows, Exchange and associated applications
Sign off of transactions such as financial trades, including exceptional transactions
Completion and control of anti-money laundering documentation
Authentication of third parties who carry out processing on behalf of the bank
Log on to branch systems to control access and allow easy transfer of personnel between branches
Access to remote banking systems
Access to online banking for high net worth customers
Daon, the identity management company, designs, develops and markets biometric identity management and authentication solutions. The company’s flagship product DaonEngine is the most secure, scalable and high availability biometric authentication solution in the marketplace today. Designed to address market demands for enhanced security and accountability the company offers enterprises a unique and integrated approach to biometric authentication.
Daon’s solutions integrate with existing security systems such as PKI, smart cards and other PIN/password based systems to provide a heightened level of security and non-repudiation, and reduced risk of fraud. DaonEngine forms the central part of a unique biometric identity management solution that manages the full biometric authentication lifecycle including capture, data management, assertion, protection and issuance.
Daon partners with IBM, Tivoli, and Documentum. Daon is based in New York City, with facilities in Dublin and London. For more information, please visit www.daon.com
About Enterprise Ireland
Enterprise Ireland is an Irish government organisation created to assist the development of Irish business both nationally and internationally. Working in partnership with Irish companies, Enterprise Ireland provides a range of services including export marketing, technology, enterprise development and business training. It has 30 overseas offices in Europe, Asia/Pacific and the US. Johnson King implements a PR campaign on behalf of Enterprise Ireland, promoting the Irish IT and telecommunications sector to the UK media.