Fiserv Inc. said Tuesday that it will offer its core processing customers online banking authentication software from PassMark Security Inc.
The Brookfield, Wis., banking technology provider plans to offer two configurations of the PassMark product: a basic one and a more powerful one for companies that want added protection. About 8,000 banks and credit unions outsource their core processing work to Fiserv or use its software in-house.
PassMark’s software examines the hardware and network settings of customers’ computers when they log in to a bank Web site to verify that they are using known computers.
If the settings match, the customer is allowed to sign on with a username and password. If they do not match, the customer can authenticate him- or herself by answering challenge questions.
PassMark’s software also displays a pre-selected graphic and phrase verifying to the customer that the Web site is authentic.
The software’s security level can vary with the customer’s needs. For example, banks and credit unions can choose to use it only when customers log in, or they can let the software monitor users’ activities to spot risky transactions.
Norm Balthasar, Fiserv’s chief operating officer, said in a press release that the PassMark software “uses something our customers already have — their computers — rather than requiring them to have another device.”
The Fiserv agreement is PassMark’s second this week. On Monday the Menlo Park, Calif., company announced that Schools Financial Credit Union had agreed to use its online authentication software.
Eric Lindstrom, the vice president of information services for Schools Financial in Sacramento, said in a PassMark press release that he was confident the software will give the credit union’s members better “security plus an increased level of comfort.”
