M-Com Delivers Best-in-Class Authentication Measures for Mobile Banking and Payments
Analyst Report Assesses M-Com's Best Practice in Authentication and Security Management
26 October 2009, Atlanta, Georgia
International mobile banking solution provider M-Com, announced today that it has been positioned as 'best in class' for its effective use of multi-channel authentication and security measures in its flagship mobile banking and payments product, BankAnywhere. This assessment was carried out in research firm Javelin Strategy & Research's Multi-Channel Authentication via Mobile Banking report, published in September 2009.
"M-Com has designed its BankAnywhere product from the ground up to include industry best practice when it comes to authentication and identity management" comments Graeme Ransley, M-Com's Chief Operations Officer. "In the mobile channel, it is not just about authentication of the end-user, but validating the authenticity of mobile devices, effectively managing the credentials of administrative users such as bank staff, and mutual authentication between consumers and financial institutions."
Beyond employing best practice in customer and device authentication for mobile banking and payment transactions, M-Com's BankAnywhere product includes additional measures for reducing the risk profile and improving security of mobile financial services. Capabilities in this context include velocity management, use of unique application identifiers and web addresses and real time logging and diagnosis of customer transactions.
"Best in class, M-Com offers a complete package of options for authentication. They provide seven of seven reviewed technologies, including all top three recommended technologies in this report: mutual authentication, challenge response, and device recognition. It also offers user-defined PINs and one-time passwords, either software-based or via SMS" states the report from Javelin Research & Strategy.
"Our recent consumer research with our partners Fiserv and VeriSign demonstrates that the number one barrier to adoption for mobile financial services is concern by consumers over the channel's security. To deliver compelling adoption metrics, it is critical that financial institutions deploy best-in-class authentication capabilities as part of their mobile banking and payments offering" Ransley continues .
In May, M-Com was confirmed by Bank Technology News on its list of "Top 10 Technology Companies to Watch in 2009" and in October 2009, M-Com was positioned in the 'Leader' quadrant within Gartner Inc's Magic Quadrant for North American Mobile Retail Banking report.
About M-Com
Headquartered in Atlanta, GA, M-Com is an international mobile banking and payments solution provider with live Fortune 500 banking customers across Asia Pacific, the Middle East and North America. M-Com's core proposition is centered on helping financial institutions and payment processors deliver world class adoption and revenue metrics from the mobile channel.
M-Com and Fiserv, the leading global provider of financial services technology solutions, announced their technology partnership in September 2008. Mobile Money from Fiserv leverages the M-Com BankAnywhere platform to provide financial institutions with a complete mobile banking and payments solution that supports consumers on all three mobile access modes, offers online and offline enrollment capabilities and integrates with core banking, online banking and electronic payments systems.
Contact: Serge van Dam, Head of Marketing, +1 678 369 0602, serge.vandam@mcom.co.nz, www.m-com.us.
About Javelin Strategy & Research
Javelin is the leading independent provider of quantitative and qualitative research focused exclusively on financial services topics. Based on the most rigorous statistical methodologies, Javelin conducts in-depth primary research studies to pinpoint dynamic risks and opportunities. Javelin helps its clients achieve their initiatives through three service offerings, including syndicated research subscriptions, custom research projects and strategic consulting. Javelin's client list includes some of the largest banks, credit unions, card issuers, and technology enterprises in the financial services industry.
For more information about this or other Javelin reports, please visit www.javelinstrategy.com/research or contact Elizabeth Travers at (925) 225-9100 ext 31 or at etravers@javelinstrategy.com.