YES Bank implements Portwise security solution

MUMBAI:YES Bank has adopted PortWise security application as its corporate standard for its retail banking customers to combat identity theft and fraud.

The bank has launched its Retail and Corporate Net Banking service, which has Portwise' RTGS (Real Time Gross Settlement) and Single Pin.

H. Srikrishnan, executive director, YES Bank, said, “We identified that the current and prospective customers have access to a PC with a reliable bandwidth connection, but a key concern was the ability for us to guarantee a high level of security, giving them the confidence to use Internet banking without the worry of fraud or theft. Thus, our priority was addressing this issue and identifying a solution, which would improve customer confidence and provide a reliable and user-friendly experience. PortWise was able to meet our requirements effectively.”

The bank will offer 'Two-factor authentication' enabled online banking in India. A customer will be required to input a username and password to access his account and for transactions above a certain value, will be sent a one-time password through his mobile phone or PDA for that transaction thus providing a second level of authentication.

The PortWise solution would also enable the bank to offer retail customers secure Single Pin access allowing the customer to use his ATM PIN to access all direct banking channels, including the Internet, thus freeing the customer from the hassle of remembering multiple pins.

Yes Bank intends to deploy PortWise as a single sign on application for all corporate Internet banking customers and for internal systems as well over the next year.