AUSTIN, Texas (PRWEB) November 14, 2006
FundsXpress Financial Network, Inc., the premier provider of online financial services announced today that 100 percent of its clients have elected to implement the fxSecurity solution to meet new FFIEC guidelines for increased online security. FundsXpress has over 500 client financial institutions nationwide and began offering the fxSecurity solution in June 2006.
With the fxSecurity suite solution, FundsXpress has ensured all its Internet banking financial institution clients are fully prepared to meet new FFIEC guidelines aimed at increasing security standards for online banking by the end of 2006. FundsXpress is the first Internet banking provider to gain 100 percent institution adoption of a multi-factor security solution to meet the upcoming regulations.
"FundsXpress is a well-known leader and innovator of online financial security-related tools and solutions, "said Greg Constantine, FundsXpress executive vice president. "The fact that we were the first Internet banking provider to reach 100 percent acceptance of our multi-factor authentication solution by our client institutions is a testament to the FundsXpress commitment to maintain our status as the industry leader of security-related products and services."
The fxSecurity suite takes a multi-layered approach to security and consists of three main components. The fxeValidation Engine uses statistical formulas and behavioral analysis to evaluate a user's typical Internet banking activity. To validate user online activity, the suite's fxIdentity Verification monitors logins and alerts financial institutions to deviations from the user's activity profile. The fxDual Authentication tool provides financial institutions the option to implement additional authentication levels before gaining access to fxeBanking and fxBusiness Banking platforms.
In addition to the fxSecurity suite, FundsXpress client financial institutions also benefit from a recently enhanced fxSecurity marketing program to educate and inform end-users on security-related issues. With this marketing package, client institutions are provided with targeted messages, Web banner ads, and brochures they can customize to advise account holders of upcoming changes and warn of potential threats. Also included are informative articles, Web links, and helpful checklists.
"By providing an abundance of information and ready-made communications tools, our clients benefit from the knowledge and experience of our on-staff compliance expert, said Constantine. "We can quickly funnel critical information to our clients, which, if necessary, they can follow with a prepared targeted e-mail message or Web banner to account holders."
Earlier this year, the Federal Financial Institutions Examination Council (FFIEC) released guidelines requiring financial institutions to strengthen customer authentication processes for Internet banking transactions by the end of 2006. The FFIEC recommended institutions perform risk-based assessments based on type of customer, customer transactional capabilities, sensitivity of customer information, communication method, and volume of transactions. The determined level of risk will decide the appropriate level of authentication needed for the financial institution.
About FundsXpress Financial Network, Inc.
FundsXpress is a premier provider of Internet-based financial services and products for banks and credit unions nationwide. Through a state-of-the-art data center the company delivers a secure, scalable, and proven financial product suite. FundsXpress' products include retail and commercial Internet banking, cash management, automated lending, and dynamic Web sites. FundsXpress clients benefit from the company's value-added compliance support, customer service, and leading adoption rates. For more information, please visit the company at http://www.fundsxpress.com.
Legal disclaimer: FundsXpress and the FundsXpress logo are registered trademarks of FundsXpress Financial Network, Inc. The SMART logo, fx eBanking, fxLending, fxPortana, and fxBusiness Banking are servicemarks of FundsXpress Financial Network, Inc.