The first phase of the project gives online web access to mortgage applications and when fully deployed 4TRESS will provide a single multi-channel authentication and authorisation process to access a wide range of financial services.
Designed specifically for financial services providers, ASPACE Solutions' 4TRESS system simplifies and unifies secure access management across existing channels as well as emerging channels such as mobile phones, digital TV and interactive voice response systems.
Currently, most financial services providers require customers to use multiple passwords, user IDs and memorable data fields that adds unwanted complexity and accounts for up to 60% of helpdesk calls. Furthermore, it costs between £10 and £30 for a building society or bank to reset a forgotten password - and 10% of customers forget a password every six months.
"Implementing 4TRESS has met all of our strategic and operational goals by providing our customers and IFAs with a much more convenient, highly integrated and secure way of accessing financial services across multiple channels," said Colin Whittle, CEO of Cheshire Building Society. "Furthermore, the costs and risks inherent in operating separate security mechanisms across the organisation have been reduced and customer service improved."
Cheshire Building Society customers, IFAs and staff now have a unique single set of login details to access the system through a common interface. And depending on the privileges set for that user, specific functions can be carried out - ranging from a manager amending a mortgage rate to a customer increasing a loan payment.
With 4TRESS, all authentication and authorisation activities, as well as product configuration and administration are written to a secure audit log. Each entry is time-stamped, digitally signed and chained to adjacent entries in a secure tamperproof hardware environment provided by a FIPS 140-2 Level 3 certified nShield hardware security module from nCipher.
"Today's customers are more demanding and show less loyalty than ever before and want more flexibility and choice when it comes to doing business with their bank or building society," says Steve Keohane, CEO of ASPACE Solutions. "And with new channels such as mobile, IVR and digital TV emerging, those that can deliver a streamlined, secure and integrated solution will not only keep their customers satisfied but save money as well."
