Pi-Control    Cryptographic Transaction Security platform for

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Banking

With Pi-Control     Cryptographic services platform, leading banks in Asia are upgrading to secure digital transactions cryptographically for their retail customers, corporate clients, employees, vendors, and partners.

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Transaction Security Challenges

Banking is scaling up digitally by enabling access to its services by all banking ecosystem members. Covid19 has acted as the catalyst to fuel this journey further. 

In the last decade the banking digitalization has enabled thousands of employees, millions of customers and hundreds of vendors/ partners to access banking services virtually.

Digital comes with its own set of challenges mainly around transaction security:

  • Theft of identity and password is a rising concern for banks due to over reliance on password based authentication for identity verification

  • Inability to ascertain the identity of the fraudster due to technical gap between KYC process and customer onboarding digitalization

  • Transactions repudiation for transactions authorized using password based authenticators, or file upload/ H2H file transfers done without advanced e-signing

  • Breach of confidentiality and integrity of transaction data due to unsolicited data modification in-transit

 

Pi-Control   Solution

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Crypto-ID for all digital assets

This is similar to having a digital signature certificate for each digital asset. Crypto-ID is contextual and is tightly integrated to bank’s KYC process, and customer onboarding

Cryptographic Passwordless Authentication, MFA

Multi-factor passwordless cryptographic authentication for all digital workflows. Authentication policies can be centrally managed and configured contextually.

Advanced e-signing for non-repudiation

Mathematically provable means to eliminate repudiation issues from digital transaction processing, so that bank’s don’t have to rely on logs. 

Data immutability assurance

Ensures integrity and consistency of the transaction data while in transit. The Crypto-ID of sender app, receiver app, sender user, receiver user, and that of all other participants of the digital transaction are fused to contextually encrypt the data in transit.

Pi-Control      for banking offers unmatched benefits across the entire digital transaction security life-cycle to deliver more value through digital initiatives. Pi-Control has ready integrations into FLEXCUBE, Tally and any solution that works with APIs. 

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Fortytwo Labs implemented cryptographic transaction security for one of the largest banks in Asia by using it’s Pi-Control     cryptographic transaction security platform.

While Pi-Control     is ultimately configured for each client differently, our implementation for banking typically includes:

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Featured Solutions

ERP Connect for Corporate Clients

For corporates such as SMEs and enterprise clients of banks, the banking services such as balance check, transaction status check, receipt alerts and payments are securely integrated straight into the belly of their ERP system such as Tally, SAP etc.

Passwordless Crypto Authenticator

This solution secures access by employees, customers, vendors/ partners to digital banking and automation applications. Banks upgrade authentication from password based authentication to cryptographic password less mode of authentication

Advanced E-Signing

This solution is a cryptographic alternative and upgrade to simple e-signing (as per eIDAS) for contracts and digital transactions. Pi-Control advanced multi-party e-signing employs identity based cryptography and doesn’t rely on PKI or trusted third party, making it the most scalable and secure alternative to simple e-signing for banks.

 

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