Monitise Group announced the launch of its two factor authentication service – ACCODE. The new service, which is based on the banking grade security model behind Monitise’s banking service MONILINK, provides organisations with a secure two factor authentication service delivered seamlessly across customers existing mobile phone handsets. The service is forecast to reduce the overall cost of ownership of a 2FA service by 66%.
ACCODE offers a secure, lower cost, mass market alternative to token based security systems, coupled with far greater convenience. User trials have confirmed that ACCODE reduces cost of ownership by 66% from an average of GBP 120 per user over three years to around GBP 40 per user. Based on a secure application stored on the mobile handset, the service uses secure algorithms to generate one time passcode that can be used to secure access to desktop and online services. Furthermore, the service is always available, since, although generally an ‘online’ application it has an ‘offline’ capability allowing the service to work even in areas with no cell phone coverage.
ACCODE is compatible with over 95% of the UK’s mobile phone estate including most J2ME based handsets, from the Nokia 6310i to the BlackBerry range of devices.