According to the company release, the Transmit SP eliminates software coding and cuts down on the time it takes the bank to provide new biometric and mobile identity verification methods for its customer-facing applications by 90%.Furthermore, the platform enables users to add any authentication method including face, eye, voice biometrics and SMS to any application (web, mobile, call center, point of sale, ATMs) without having to make any application code level changes.
Also, the solution also supports any existing third-party authentication or anti-fraud products currently in use, and can set real-time responses based on customer configured policies.
FIBI is a large bank in Israel and its banking subsidiaries — Otsar Ha-Hayal Bank and Massad Bank — operate a network of over 172 branches with assets of over NIS 125 billion (USD 33,029,692,500).
Israel’s financial services regulations require that banks implement multi-factor authentication and non-repudiation techniques based on risk, which means that fraud prevention systems must be able track the authentication process of each user and provide stronger authentication methods based on risk levels, authorized transactions and usage history.
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