KAS BANK and ActivIdentity project shortlisted for FST Security Strategy award
Released on: February 27, 2008, 5:12 am
Press Release Author: ActivIdentity / Berkeley PR
Press Release Summary: KAS BANK, the Dutch based European supplier of investment management, custody, clearing and settlement services, has been shortlisted for a project carried out with ActivIdentityģ Corporation (NASDAQ: ACTI), a global leader in digital identity assurance, in the Best Security Strategy of the Year category of the Financial Sector Technology (FST) Awards 2008.
Press Release Body: London, UK, 27 February 2008 - KAS BANK, the Dutch based European supplier of investment management, custody, clearing and settlement services, has been shortlisted for a project carried out with ActivIdentityģ Corporation (NASDAQ: ACTI), a global leader in digital identity assurance, in the Best Security Strategy of the Year category of the Financial Sector Technology (FST) Awards 2008.
KAS BANK has overhauled its technology for processing clients' money transfers and settlement instructions. An extensive review highlighted weaknesses in safeguarding its existing token-based, symmetric technology which created a level of risk about which the bank was sufficiently concerned. Therefore, KAS BANK has undertaken a wide-ranging project to address these challenges.
KAS BANK has implemented the ActivIdentity Smart Banking ID solution after trials demonstrated this solution could provide the highest level of security by encrypting transaction data, while meeting customer demands for usability and convenience. KAS BANK selected a PKI-based smart card solution using asymmetric keys that are generated securely on the smart card while in the possession of the customer, negating security concerns associated with other systems.
"The ActivIdentity Smart Banking ID solution has reduced user fees, management and maintenance costs for the bank, while enabling simpler and faster transactions with the highest level of security," explains Johan van der Wal, Manager Client Information Management at KAS BANK in Amsterdam.
"The challenges that KAS BANK has been able to address are being experienced throughout the financial services industry," explains Marc Hudavert, vice-president of ActivIdentity, EMEA. "ActivIdentity is committed to developing identity assurance solutions which can support finance customers as these risks evolve and we are delighted that this project has been shortlisted for the FST awards."
The FST Awards aim to recognise IT excellence and innovation within the UK and European financial sector. Winners will be announced at a cermemony to be held on 27 March 2008 at the Royal Lancaster Hotel in London.
About ActivIdentity ActivIdentityģ Corporation (NASDAQ: ACTI) identity solutions secure the business of enterprise, government, healthcare, and financial services organizations worldwide. Trusted identity is the core of the ActivIdentity platform enabling security for data, networks, applications, passwords and credentials, web, email and documents, transactions as well as converged security. ActivIdentity solutions support the convergence of physical and logical identity through strong authentication with smart card lifecycle management, adding enterprise single sign on, and data encryption and digital signature. ActivIdentity customers experience multiple benefits including increased network security, protection against identity theft and online fraud, enhanced workforce productivity, business process efficiencies, and regulatory compliance. For more information, visit www.actividentity.com. ActivIdentity and ActivCard are registered trademarks in the United States and/or other countries. All other trademarks are the property of their respective owners in the United States and/or other countries.
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