HID Global is highlighting its role in the digital transformations of several traditional and digital banking establishments. The company’s portfolio includes several secure identity products and services that can be leveraged to comply with the strict privacy regulations of the financial industry.
“Our solutions protect data and transactions while delivering a seamless experience for the consumer and maximum flexibility for banks,” said HID Global VP and Identity and Access Managing Director Brad Jarvis. “This includes the option of cloud-based authentication services that remove the complexity of providing multifactor authentication to a growing and diverse user population while also offering the convenience of centralized compliance audits.”
In that regard, HID Global called particular attention to its HID Trusted Transactions and HID ActivID Authentication Server solutions. The former has been integrated into the Temenos digital front office suite to help reduce fraud and improve compliance, and is currently being used by a retail bank in Egypt.
Several other financial institutions have paired Trusted Transactions with ActivID. The roster of ActivID customers includes banks in Eastern Europe and the UK that are using it to comply with the latest PSD2 requirements, and a Swiss wealth management group that is using it to secure mobile banking transactions while keeping sensitive corporate data and applications private.
Trusted Transactions combines HID Authentication with HID Risk Management to help detect fraud. Authentication options include hardware tokens and the multifactor HID Approve platform, which supports push notifications.
HID Global’s clientele includes both online and brick-and-mortar banks. The company believes that COVID-19 will encourage more people to adopt digital banking practices, if only because it is more difficult (and more dangerous) to visit a physical establishment during a pandemic.