When Alice wants to talk to her Bank
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To know if on the other side it is indeed the Bank.
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To ensure only she can talk to the Bank about her relationship.
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That only the Bank knows about the transaction and nobody else.
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To know if she is always in control of her transactions
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To identify if the call comes to her from the Bank it is indeed the Bank and not anybody else.
And, She wants all of the above hassle-free.
BFSI
Security, compliance, reduce customer friction and get ready for embedded finance.
Trust is contingent on provability, provability in the digital world can be achieved by cryptography, but even the strongest cryptography needs a solid backbone of the hackproof identity model. Hence getting the identity model right is of paramount importance for building a trusted digital ecosystem.
Sanjay Deshpande (Chief Scientific Officer, Fortytwo Labs)
Information Security
Challenges
The questions asked by Alice are real and could make or break the trust between Alice and the Bank. While Banks across the globe want to solve the problem but are challenged by the need of maintaining a balance between the complexities involved, regulatory burdens, security issues, and integration of point solutions & of course business team won't let go if there is an impact on user experience.
Clutter of Point
Solutions
Implementation of point solutions for each of the security concerns develops cracks between the applications, users, functional departments, and servers.
Quantum Computing &
Advanced Threats
It's the time for sensitive government organizations to switch to cryptography and security technologies designed to protect against the odds of advanced threats.
Complex Key
Management
Key management in PKI keeps armies of IT people busy, making it unscalable and unreliable technology for sensitive government departments.
Identity Security and Assurance
Maintaining the security of customer, vendor, and partner identity is critical to a successful digital transformation journey. The challenge remains.
Multiple Identities/
Identifiers
With the growing number of humans, apps, cloud services, IoTs, enterprises, each of these participants have different ways to ascertain their identities, making digital security extremely difficult.
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Need of embedded finance and security thereof
Embedded finance is the need of an hour for tech-savvy banks to build ecosystems. Challenge is to maintain security and compliance across ecosystem partners.
𝛑-Control platform based solutions
Alice's and Bank's questions and challenges can be effectively addressed by taking the platform approach. 𝛑-Control is a Cryptographic Identity based digital trust platform providing a multitude of solutions for various security and compliance needs.
Banks have been using the platform across several use cases
Retail Banking
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Securing internet banking login
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Transaction (provable) approvals for high-value transactions.
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Transaction security - Prevent Man-On-The-Machine and Man-In-The-Middle on mobile devices
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Partner Banking - federated authentication across partner channels.
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Passwordless access for non-financial transactions and more ...
Transaction Banking/ Corporate Banking
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ERPConnect - embedded banking solution for ERPs with fast onboarding
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API Security - secure the APIs, string authentication, and encrypt the payload and check integrity.
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File security - Sign and encrypt the files before they are transmitted over the web. Agnostic to medium of sending the files.
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Transaction approvals and consent based on customer specific requirements and more....
Employee and Partners
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Secure sensitive application access with zero trust access technology.
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Enable sensitive application with MFA (no-code integration for AD)
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RPAs for fast instantaneous onboarding and deboarding
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fast internal approval with provable consent technology and more...