Open Solutions Teams with RSA to Provide Enhanced Authentication Option for Online Banking

January 17, 2007; 01:39 AM
Open Solutions Inc.® (NASDAQ: OPEN), a provider of integrated enabling technologies for financial services providers across the United States, Canada and international markets, announced that it has selected the RSA^® Adaptive Authentication for Web solution to provide its financial institution clients, including its Health Savings Account (HSA) clients, with enhanced security for their online banking applications.

The solution – from RSA, The Security Division of EMC – forms part of RSA’s mission to keep information secure wherever it is, whenever it’s accessed.

“We were looking for an additional way to provide our clients and their end users with stronger security that both fit their specific needs and meets recent regulatory requirements,” states Mike Nicastro, SVP and CMO for Open Solutions. “We believe RSA Adaptive Authentication for Web is such a solution – we have found it to be a flexible option that can satisfy our clients’ needs and can be deployed quickly at a reasonable price. In addition to our Internet banking clients, it’s particularly advantageous for our HSA clients because it will be integrated as part of our HSA solution and will offer a much higher level of security for online HSA enrollment and banking.”

RSA Adaptive Authentication for Web’s risk-based authentication module is built to analyze various risk parameters, such as IP address, device specifications and user behavior profiles. The system then generates a comprehensive risk and authentication score for every logon conducted. Low-risk logons proceed uninterrupted, while logons with a high risk score are verified with an additional layer of security, such as secret questions followed by an optional automated phone call. RSA’s field-tested risk-based authentication technology is engineered to allow the vast majority of logons to be successfully completed without interruption – providing enhanced security with minimal impact on the user experience.

“We are delighted that a major financial services provider like Open Solutions has selected RSA to provide further security options for its clients,” said Christopher Young, vice president and general manager, Consumer Solutions at RSA. “As part of their ongoing efforts to ensure that their organizations, clients and data are secure, financial institutions must take action to protect their customer accounts while keeping usability, convenience and cost in mind. Open Solutions’ clients can now benefit from our market-leading experience, proven technology and strong emphasis on providing a simple, secure and consistent user experience.”

Through this agreement, Open Solutions’ clients will also have the opportunity to become members of the RSA eFraudNetwork^SM community, one of the world’s largest and most effective cross-bank anti-fraud networks. With more than 50 large financial institutions and a multitude of smaller ones on the network, Open Solutions’ clients will benefit from some of the best, most up-to-date intelligence from across the globe, providing instantaneous information and immediate protection from emerging threats.

About RSA

RSA, The Security Division of EMC, is the expert in information-centric security, enabling the protection of information throughout its lifecycle. RSA enables customers to cost-effectively secure critical information assets and online identities wherever they live and at every step of the way, and manage security information and events to ease the burden of compliance.

RSA offers industry-leading solutions in identity assurance & access control, encryption & key management, compliance & security information management and fraud protection. These solutions bring trust to millions of user identities, the transactions that they perform, and the data that is generated. For more information, please visit www.RSA.com and www.EMC.com.

RSA and eFraudNetwork are either registered trademarks or trademarks of RSA Security Inc. in the United States and/or other countries. EMC is a registered trademark of EMC Corporation. All other products or services mentioned are trademarks of their respective companies.

About Open Solutions Inc.

Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, Web hosting and design, and payment and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States and Canada to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service. For more information about Open Solutions, or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com, by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions’ Web site at www.opensolutions.com.