Mumbai, December 15, 2016: YES BANK, India’s 5th largest private sector Bank has collaborated with FortyTwo42 Labs, a Global Cyber Security Research Lab setup in India (Vizag and Pune) and Israel (Tel Aviv) as a co-innovation partner for developing next generation Fintech and Cybersecurity Solutions.
One of the first innovations, the PI-CONTROL™ Platform,that YES BANK has jointly developed with FortyTwo42 Labs is being rolled out in the next few weeks. The solution has the capability to provide “real time cryptographic digital transaction signing” at massive scale. This is a first of its kind solution.
The usual crypto-identity models work only on a single source of identity whereas PI-CONTROL™ is based on advanced crypto-identity model (I-AM™). I-AM™ aggregates 3 different factors viz. 1) user’s identities like Mobile Number, 2) government issued identities like Aadhaar, PAN, passport number along with 3) bank issued identities like account number, user-id, PIN, to provide an Identity Trust Score. From a customers’ perspective, the process of 2-factor authentication remains the same and he remains agnostic.
I-AM™ crypto identity has all the properties and benefits of Public Key Infrastructure (PKI) but is simple to deploy, manage, distribute and use.
PI-CONTROL™ can secure all Digital Transactions including Online Funds Transfers, Internet Banking Access, POS & ATM transactions, API Banking transactions, Limits and Approvals, Live Communications, Bill Payments, Remittances, Deal and Loan approvals, Cash Advances, Credit and Debit Card Controls and more.
YES BANK plans to use this solution as a multiple factor authentication for ALL online channels including API, and has an exclusive tie up with FT42 for the same, as part of its ART (Alliances & Relationships for Technology led Innovation) strategy.
Mr. Rana Kapoor, MD&CEO, YES BANK, said, “In this increasingly connected world, where digitalization takes centre stage in Banking, it is critical to address the associated risks in the networks. To protect digital transactions from advanced cyber-attacks, we believe that there is a need to move from application level security controls to transaction level security controls. Currently, there are multiple technology solutions built for specific threats. The PI-CONTROL™ Platform allows digital transaction signing at scale. It eliminates the need for multiple contemporary technologies used to secure a transaction by providing a unified platform and increased security. “
Dr. Kamlesh Bajaj, advisor to FortyTwo42 Labs who was also the Founder Director of Computer Emergency Response Team (CERT-IN), Ministry of Communications and IT, further said “I strongly believe that I-AM™ Crypto ID based transaction signing method and corresponding PI-CONTROL™ Digital Risk Control platform will bring about a transformative change and a significant improvement in the enterprise digital security posture. It will simplify the user-experience, and most importantly will be compliant with the IT ACT 2008 regulations pertaining to electronic signatures of transactions.”
Mr. Sanjay Deshpande, Managing Partner FortyTwo42 Labs said “Time has come for a collaborative platform based approach to cyber security. At our innovation center, we are developing the PI-CONTROL™ platform with a vision to provision adaptive, dynamic security controls in response to the rapidly changing threat landscape. I-AM™ crypto-ID is probably the first non-PKI massively scalable cryptographic technology which simplifies usage and increases distribution and adoption given its Cloud Native and mobile first nature. “
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 9 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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