Payments Council and Accenture launch authentication evaluation tool for banks

The UK's Payments Council has teamed with consultancy Accenture to launch a modelling tool designed to help banks and businesses select authentication technologies for securing online customer interaction.

The £500 tool, which can be loaded onto PCs, identifies the best suited authentication option based upon specified requirements, claim the partners, helping firms to navigate the wide range of options on the market.

Richard Martin, business security consultant, Payments Council, says: "Because there is no one-size fits all approach, we've developed a tool and detailed roadmap to identify the benefits, strengths and weaknesses of the vast majority of multi-factor authentication solutions available."

Related Companies

Accenture Financial Services Payments UK

Channels

Retail banking Security

Keywords

Authentication

Comments: (2)

A Finextra member 22 April, 2010, 15:13

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I would love to know more about this tool. What intelligence does the tool use as input for its decisions? Does it look at aspects like fraud, operational support, cost, ease of use, or is it purely a security feature comparison.

When you talk about authentication technologies for securing online customer interaction, are you talking about security from the business side or from the consumer's side? Perceptions of security differ greatly depending on your role in the interaction and the demographics of the consumers performing the actions.

Would this tool also consider all service delivery channels? Online, telephone, IVR, plastics, ATM and branch? Mobile and apps?

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A Finextra member 22 April, 2010, 15:26

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The initiative to create a more robust KYC solution for UK customers is a daunting one given the higher degree of privacy required in the UK as opposed to the USA market.

Without seeing any details on theis tool inew can only hope that the business rules designed into the system create a dynamicdecision matrix as opposed to the static model most businesses use for CNOP transactions.

Here in the U.S. we are supplying a new Account Origination/Management module for he banking industry that automates the KYC requirement with a hybrid matrix that delivers real-time monitoring of each access and allows the module to be customized by each client to better serve their consumers to optimize the consumer experience.

This is what would hopefully be the objective of the tool just announced for UK businesses.