CheckFree Investment Services Selects TriCipher for Multifactor Authentication
SAN MATEO, CA – January 17, 2006 — TriCipher, Inc. announced today that CheckFree Investment Services, a division of CheckFree Corporation (Nasdaq: CKFR), has selected the TriCipher Armored Credential System (TACS), an industry leading multifactor authentication solution for its next generation platform, CheckFree EPL (Enhanced Portfolio Lifecycle). CheckFree will use the TriCipher solution to strengthen security on behalf of sponsor firms, money managers and financial advisor clients that use the CheckFree platform for the automation of investment management, trading, portfolio performance and investor reporting.
As a leading technology and service provider to the financial services sector, CheckFree is committed to providing consistently high quality, secure environments. The TriCipher solution will provide stringent authentication requirements when financial services professionals are attempting to access CheckFree’s portfolio management platform.
CheckFree will integrate the TriCipher authentication technology into CheckFree EPL, the new platform being developed to gradually replace CheckFree APL, the industry leading solution. The next generation service will provide more robust multi-currency, trade order management and cash management/margin capabilities, among other features. CheckFree EPL is being developed to provide a single platform solution to money managers that can deliver superior business, operational and cost efficiencies to both their institutional business and separately managed accounts.
CheckFree Investment Services clients will be able to implement a user-friendly version of TriCipher’s robust strong authentication system and still maintain enough flexibility to create different authentication levels that match application, data or user risk. The base solution enhances log-in security beyond username and password by storing a second factor of identity authentication on each authorized user’s PC that helps identify legitimate users. Depending on the level of security desired, a financial institution can elect to incorporate additional layers of authentication from users such as challenge questions and temporary passcodes, downloaded software modules, USB memory tokens, or other methods of identity verification.
“CheckFree EPL will deliver a number of advantages to our investment marketplace clients, including multi-factor authentication, the strongest identity verification process currently available,” said Alex Marasco, CheckFree Investment Services Executive Vice President and General Manager. “The addition of TriCipher’s technology to our next-generation CheckFree EPL platform is consistent with our commitment to provide the highest levels of quality and innovation, while driving out costs through operational efficiencies for our customers.”
“While new regulations, such as the recent FFIEC guidelines for multi factor authentication, will enhance adoption of strong authentication, market leaders like CheckFree Investment Services continue to stay ahead of the ever evolving financial electronic commerce market,” said Sandra Bergeron, Executive Chairman, TriCipher Inc. “We are extremely pleased to be selected by a demanding customer like CheckFree Investment Services.”
TriCipher, Inc. provides strong authentication for the real world. The first authentication system that issues multiple types of credentials from a single infrastructure, the TriCipher Armored Credential System(TM) (TACS) allows for authentication strength to change in response to new threats without any infrastructure changes. Its patented technology fills the gap between authentication systems that are either not secure enough or too hard to use and deploy. TriCipher’s innovative approach to strong multi-factor authentication protects against phishing and eliminates dictionary attacks.
Founded in 2000, TriCipher is headquartered in San Mateo, California. The Company was incubated as NSD Security before launching as a separate entity in 2005. Investors in TriCipher are ArrowPath Venture Capital, Intel(R) Capital, Trident Capital and Wasatch Venture Partners.
About CheckFree (www.checkfreecorp.com)
Founded in 1981, CheckFree Corporation (NASDAQ: CKFR) provides financial electronic commerce services and products to organizations around the world. CheckFree Electronic Commerce solutions enable thousands of financial services providers and billers to offer their customers the convenience of receiving and paying their household bills online or in person through retail outlets. CheckFree Investment Services provides a broad range of investment management solutions and outsourced services to thousands of financial services organizations, which manage more than $1.2 trillion in assets. CheckFree Software develops, markets and supports software applications that are used by financial institutions to process more than two thirds of the 12 billion Automated Clearing House transactions in the United States. The division also provides operational risk management, financial messaging, corporate actions, and regulatory compliance software to more than 1,500 organizations across the globe.