HID Global, a worldwide leader in trusted identity solutions, announced advancements of its banking offerings with its new HID Authentication Service. The solution enables existing financial institutions and new digital startups to better facilitate secure digital banking transactions.
As the top-selling Temenos MarketPlace provider for 2018, HID Global is unveiling this week new capabilities with the HID Authentication Service to further improve integration with the T24 core banking platform and extend authentication services to the Temenos Internet Banking (TCIB), Mobile Banking (TCMB), and User Administration (TCUA) modules.
The HID Authentication Service includes interoperable APIs to allow for standard integrations with third-party software, while also setting customers up for easy scalability, testing and deployment of the multi-tenant HID Authentication Service.
The HID Risk Management Solution (RMS), a real-time risk profiling technology that protects financial transaction systems and banking applications against cybercriminals, is offered as part of the same suite of cloud services.
“The global digital banking market is expected to reach nearly $9 trillion (USD) by 2025, and this expansion is driven by the opportunity to provide new services in new markets,” said Ben Robinson, Temenos Chief Strategy Officer & Head of MarketPlace.
“A ‘cloud-first’ security strategy that easily integrates with Temenos’s T24 banking software is not only desirable for speed-to-market and flexibility, but is also a requirement for compliance in many cases.”
A growing regiment of regulations, including GDPR, PSD2 and the Hong Kong Monetary Authority virtual bank guidelines, require multifactor authentication for banking and financial service transactions.
Cloud authentication services enable banks to deliver the necessary levels of security, convenience and compliance for user access. The ISO27001 certified HID Authentication Service provides a secure audit trail of actions and events ̶ who did what, when ̶ so that banks can demonstrate compliance and pass audit requirements.
“By migrating to the cloud for identity and access management, banks are able to focus on their core business and devote more time and resources to delivering better banking solutions,” said Olivier Thirion de Briel, Global Solution Marketing Director for Financial Institutions, IAM Solutions, with HID Global.
“The innovation in IAM cloud services that HID is bringing to the banking industry creates a user experience that adds value to consumer banking offerings, aligned to the digital growth goals and customer satisfaction priorities of a bank.”
HID Global is showing the HID Authentication Service solution at the Temenos Community Forum (TCF) in The Hague, Netherlands this week. Visitors can see demos and discuss how HID’s cloud-first, API-first approach will strengthen their digital banking security.