ARX Will Supply an Enhanced Security Solution for Internet Banking to BPI

Petach Tikva, Israel, April 29, 2003

ARX (Algorithmic Research), a leading provider of electronic-signature solutions, announced today that it is going to supply an encryption and authentication system to Bank of the Philippine Islands (BPI), the largest bank in the Philippines. 

BPI has implemented a two-phase security solution, based on ARX's PrivateWire product, providing secured communication over the Internet. The initial phase has already been implemented on February 2000, using PrivateWire for encryption of data and electronic signatures on Web transactions together with ARX's PrivatSafe readers and PrivateCard Smart Cards as a strong authentication method. 

Recently, ARX has upgraded the solution for BPI and has entered phase two of the project, which improves the Internet secure services provided by BPI, with SSL enhanced security and simplified administration. With this new system, the bank can enhance its B2B offering by providing its corporate customers secured Internet banking services, enabling them to use standard Web browsers with no client installed. The authentication and digital signatures are executed on the client’s side by means of MiniKey, ARX’s hardware USB token. 

“Banks and corporate customers have always been concerned with the issue of user authentication when using Web applications for banking services”, says Motty Alon, VP Marketing at ARX, “the solution installed in BPI encrypts all communication between the customer and the bank and uses electronic signatures to solve non-repudiation problems. All this is gained while at the same time maintaining the ease of use for customers of a standard Web browser and a MiniKey token”.

PrivateWire is ARX's innovative ESM (Enterprise Security Module). With such a module companies can secure their data and transactions using innovative cryptographic algorithms.

MiniKey is ARX's hardware USB token, which consists of Smart Card technology combined with reader capability in a light, compact, pocket-sized device that can be carried on a keyring, and is inserted into the USB port.

Additional information on MiniKey is available here.