Russian Bank VTB 24 partners with leading authentication company VASCO Data Security
November 2010 by Marc Jacob
VASCO Data Security International, Inc. announced its collaboration with leading Russian bank VTB 24. VTB 24 will use VASCO’s authentication solution IDENTIKEY Server to ensure the security of its banking channels.
VTB24 is one of the major players on the Russian banking services market. We are part of the international VTB Bank Group and focus on servicing of individuals, private businessmen and small businesses. The Bank’s network includes 500 branches and additional offices in large Russian cities. We offer our customers basic bank products used in performing international financial transactions. The services rendered include the issuance of bank cards, mortgage and consumer lending, auto lending, remote account management systems, grace period credit cards, time deposits, lease of safe deposit boxes and money transfers. Part of these services are available to its customers 24/7 using modern telecommunication technologies.
VASCO solutions will ensure the security of VTB 24’s various banking channels for both retail and corporate customers. The IDENTIKEY Server software provides the bank with a unified authentication system to which new applications can easily be added, and promotes simplification of administrative authentication procedures. IDENTIKEY is a universal and scalable authentication server with one-time password, digital signature and EMV CAP functionalities, designed to secure Internet banking applications, networks and web-based applications. IDENTIKEY provides a centralized user management and validates authentication requests from users trying to access banking applications.
"The introduction of strong authentication will allow us to protect our customers from hackers, "man in the middle" attacks and other kinds of online fraud", said Pavel Gurin, Senior Vice-President, Head of Banking Technologies Department at VTB 24. "Our goal is to provide retail customers with the benefits of strict authentication based on EMV-CAP, and the convenience of a single authentication device for all applications. Corporate clients’ accounts are secured by using electronic signatures based on PKI."
"We are very happy to partner with leading Russian bank VTB 24," said Jan Valcke, President and COO of VASCO Data Security. "Our solution not only met all of the bank’s technical and business requirements, but also provides the best balance on the authentication market between price and quality."
About VTB 24
VTB 24 is one of the major players on the Russian banking services market. We are part of the international VTB Bank Group and focus on servicing of individuals, private businessmen and small businesses. The Bank’s staff adheres to the values and principles of international VTB Bank Group. One of the Group’s major tasks is maintaining and perfecting the developed Russian financial system.