Creditanstalt Investment Bank of Austria has selected TimeStep Corp.'s Permit system to ensure data security among its international network of branches, TimeStep announced.

The bank sought a comprehensive security framework after experiencing a fast increase in electronic traffic between headquarters in Vienna and at least 16 branches including sales hubs in New York, London, Frankfurt, and Milan.

"We simply can't take any chances with security breaches," said Manfred Schmiedl, the bank's manager of information technology. TimeStep's solution "met our stringent criteria and opened the door for the leading-edge banking applications of tomorrow. We have the utmost confidence in their technology."

The Canadian vendor's system is based on the Internet Engineering Task Force's IPSec standard for secure Internet Protocol communications, enabling data to flow over the Austrian bank's intranet without degrading network performance. The bank may move to a secure virtual private network deployment, which would allow investors to enter its network via the Internet.

TimeStep's Permit is starting with a pilot involving Vienna, Budapest, Bratislava, and Prague. A second phase would connect all European locations, with overseas offices to follow in the third and final phase.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.