Authentication Solution provides secure online banking.

S1 Corporation Jun 09, 2006

Press Release Summary:

Designed to safeguard online banking customers, S1 Internet Banking System (IBS) provides users with identity authentication and fraud prevention capabilities that exceed compliance guidance of FFIEC. Security solution employs 2-factor mutual authentication and real-time, risk-based transaction analysis and scoring. Account access is granted only after entry of valid pass code from recognized computer or device that passes multiple layers of security forensics.

Original Press Release:

S1 Releases Enhanced Authentication Solution that Bolsters Security of Online Banking and Bill Payment Transactions without Sacrificing Ease of Use

In response to market need, S1 delivers a fast track to compliance while building trust, awareness and confidence among online banking users

RSA Security's proven technology serves as the foundation for the solution

ATLANTA, May 8 -- S1 Corporation (NASDAQ:SONE), a leading provider of customer interaction software for financial services, today announced general availability of its strong, risk-based authentication security solution designed to safeguard online banking customers without sacrificing ease of use. The new product will provide users of S1's Internet Banking System (IBS) with convenient yet powerful identity authentication and fraud prevention capabilities. It exceeds the compliance guidance of the Federal Financial Institutions Examination Council (FFIEC), a federal interagency.

The S1 solution employs both two-factor mutual authentication and real- time, risk-based transaction analysis and scoring to protect the front door (i.e., log-in) and the back door (i.e., financial transactions) of a financial institution's online offerings. Using the system's Policy Engine, each financial institution can easily implement its own decisions on what to do with transactions based on its risk scores.

When the online banking users log into their financial institution's Web site, their personalized, secret image and phrase will be displayed to validate that the site is legitimate, not a spoofed site used for phishing and pharming. The S1 solution allows account access only after two levels of security have been passed: entry of a valid pass code from a recognized computer or device that then must pass multiple layers of security forensics transparent to the end user. If there is any ambiguity, the system presents a challenge question that must be correctly answered before the user can access account information.

Earlier this year, S1 selected PassMark Security's industry-leading authentication technology to serve as the foundation for its stronger authentication solution. In April, PassMark Security was acquired by RSA Security, the leader in protecting online identities and digital assets. The PassMark acquisition follows on the heels of RSA Security's acquisition of Cyota, a leader in anti-fraud solutions, late last year.

"S1 has moved quickly to make authentication services available to its customers," said Chris Young, senior vice president and general manager of the RSA Consumer Solutions division at RSA Security. "Mutual authentication is just one solution in our broad consumer identity protection portfolio, more of which can ultimately be available to S1 customers as well. S1 and RSA Security have significant opportunities to continue raising the standard for secure online banking."

"We spent a great deal of time last year listening to our customers, and security and FFIEC compliance were their paramount concerns. In response, we delivered a packaged and fully integrated solution ready for implementation within 60 days of finalizing our strategic relationship with PassMark. This relationship with RSA Security is just beginning. Already, we are giving our customers an elegantly simple and safe way to bring vastly improved security to the online banking environment," said Pierre Naude, VP & General Manager, S1 Community Financial Group. "With S1's packaged integration tools, our customers can easily meet FFIEC's December 31, 2006, deadline and gain full protection against phishing, spoofing, keyboard logging and other fraudulent attacks."

The S1 stronger authentication is now available to all S1 IBS financial institution partners. S1 has immediately begun working with customers to schedule implementations that allow time for complying with FFIEC guidelines before the December 31, 2006 deadline.

The S1 solution has been rigorously tested by several S1 customers. "We want the best and strongest measures to protect the integrity of every online transaction, and S1 not only delivered an effective solution, but made it available far ahead of the FFIEC deadline" said Jean Parra, Electronic Banking Officer, The Old Point National Bank, a $700 million Institution in Hampton, Virginia, and one of the test sites. "S1's new online authentication offers us a fast way to exceed FFIEC guidance without complicating the user experience. This ease of use is an essential component of a solution that will meet our customers' needs. I'm very pleased with the results we're seeing already and look forward to extending this extra level of protection to all our online banking users."

S1 also offers end-user educational tools through its proprietary S1 to One Solutions program to drive quick end user adoption, including a complete toolkit specifically designed to help the financial institutions implement the security solution. S1 to One Solutions is designed to help S1 partner financial institutions of all sizes improve their active online user base, further driving customer loyalty and cost-efficient customer service. S1 has also provided an ongoing comprehensive series of webinars to educate customers on the mandate.

About S1 Corporation

S1 Corporation (NASDAQ:SONE) is a leading global provider of customer interaction solutions for financial and payment services. Comprised of applications that address virtually every market segment and delivery channel, S1 solutions help integrate and optimize an institution's entire front office, resulting in increased operational efficiencies, revenue opportunities and overall customer satisfaction. S1 is the only provider with the proven experience, breadth of products and financial strength to empower financial services companies' enterprise strategies. Additional information about S1 is available at www.s1.com.

RSA Consumer Solutions - from RSA Security

RSA Consumer Solutions is the industry's most complete, proven portfolio of solutions designed to protect financial institutions and their customers against the latest online threats. RSA Consumer Solutions span from risk- based, mutual and one-time-password authentication to transaction monitoring, transaction signing and anti-phishing/anti-pharming services. The first and largest of its kind, the RSA(R) eFraudNetwork(TM) community amplifies the protection provided to all customers. This cross-institution collaborative online fraud network shares fraud data in real-time: when a fraudster attack is identified against one member, all others are instantaneously protected as well. Today, many of the world's largest financial institutions, including Bank of America, Credit Suisse, HBOS, E*Trade Financial, Barclays, and Washington Mutual, use RSA Consumer Solutions to protect over 455 million consumers worldwide.

About RSA Security Inc.

RSA Security is the expert in protecting online identities and digital assets. The inventor of core security technologies for the Internet, the company leads the way in strong authentication and encryption, bringing trust to millions of user identities and the transactions that they perform. RSA Security's portfolio of award-winning identity and access management solutions helps businesses to establish who's who online -- and what they can do.

With a strong reputation built on a 20-year history of ingenuity, leadership and proven technologies, we serve more than 20,000 customers around the globe and interoperate with over 1,000 technology and integration partners. For more information, please visit www.rsasecurity.com.

CONTACT: Chris Watson, Global VP of Marketing of S1 Corporation, +1-404-923-6775, or Chris.watson@s1.com