Australia Post today announced its very first customer for its VIP Online Security offering which enables financial institutions to implement multi-factor, one time password (OTP) security tokens for online banking authentication.
The offering is part of a partnership announced earlier this month between Australia Post and Ultradata Australia Pty Ltd.
The NSW Teachers Credit Union has adopted VIP Online Security as part of its existing Ultradata My Viewpoint core banking and Internet banking software.
Australia Post's manager of authentication services, Roger Lee, said the fact that one of the largest and most progressive credit unions in Australia has chosen VIP Online Security to provide an additional layer of protection for its members' Internet banking, is a significant stamp of approval for the new service.
"As the first financial institution to adopt the offering, the credit union is leading the way in protecting its members from the risks associated with online fraud and identity theft," he said.
NSW Teachers Credit Union CEO, Steve James, said it was an important milestone for it's 140,000 members in NSW, the ACT and Northern Territory.
Because the credit union has a branch network, James said customers are reliant on the Internet to access accounts.
"Obviously, security in online banking is our prime consideration and this solution will provide our members with peace of mind when transacting over the Internet," he added.
Ultradata CEO, Peter Henshaw, said the deal is evidence that the solution will be accepted by the financial services industry to provide more secure tools for customers.
Leveraging a shared authentication network, VIP Online Security is enabled by VeriSign Identity Protection (VIP), so that online service providers can accept the same authentication credentials as other participating members of VeriSign's global VIP network.
Although the customer's security token can be used at any VIP network member Web site, each member organisation will be able to maintain control over its own business rules and security requirements and no identification or customer account information is shared.
The offering joins a growing list of new verification services provided by Australia Post including Bank@Post, POSTbillpay, In-Person Proofing and bank account verification.
Australia Post will be showcasing VIP Online Security at the ACUI Conference in Brisbane from February 24 - 28, 2007.
The NSW Teachers Credit Union has 142,000 members and assets of $1.85 billion.
Formed in 1966, the average deposit per member is a high $10,600.
Ultradata provides software for core banking, funds management and finance products such as Debit and Credit card, ATM, Interactive Voice Response and cheque book systems, throughout the Asia Pacific.
Established in 1977, the company has more than 200 staff.