Digital Signatures and PKI technology is extensively used in Banking and Financial Institutions to enhance security in Electronic Payment Systems. Using advanced 2048 bit encryption, Digital Signatures offer the added benefit of legal non-repudiation under law thus allowing safe and secure access for customers to Internet Banking Platforms.
While offering the ability to significantly enhance security, Digital Signatures also offer Banks and Financial Institutions to go paperless by automating their document workflows since a digital signature is a legally valid substitute for a physical or wet signature.
Banks around the world have invested huge sums in automating their business workflows, yet they still find themselves printing paper for the purpose of obtaining signature approvals. Projects can be held up for days and costs are accrued while documents are mailed between offices, partners, suppliers or customers in order to collect signatures. This is where eMudhra’s solutions help Banks deploy paperless office solutions using digital signatures where physical paper movement can be completely eliminated.
eMudhra’s solutions are interoperable across digital signatures issued by any Certifying Authority thereby resulting in shortened implementation cycles.
eMudhra Enterprise Security Solutions for Banking and Financial Institutions address the following areas
Secure Internet Banking
In banking applications, intra and inter bank messages travel across various bank networks, carrying highly sensitive data between Customers, Banks, Clearing Houses etc. These messages should be highly confidential and authenticated at each node of communication.
eMudhra’s emAS – flagship multifactor authentication suite, which has been deployed in over 23 large Banks in India, integrates with multiple core banking and internet banking platforms to allow digital signature based authentication between customers, banks, clearing houses for Internet Banking, Electronic Fund Transfer Systems, Cheque Truncation Systems, Structured Finance Messaging Systems etc.
Bulk Signing of eStatements using Digital Signatures
Banks are required to send various electronic statements to their customers. These statements are highly confidential and needs to be strongly authenticated and legally valid.
eMudhra provides a toolkit for digitally signing the electronic statements to provide Authenticity, Non-repudiation, Integrity and legal sanctity. It enables Banks to digitally sign hundreds of electronic statements and send them through mail to the customers. It provides complete document management features including audit trail. Banks can sign statements and e-mail them in a single go.
Secure transfer of eBanking/Mobile banking/CC PINs through mobile phones
eMudhra provides a service that enables Banks and Financial institutions to securely deliver confidential communication to clients while preventing access by malicious unauthorized attackers.
This uses advanced encryption technologies using PKI frameworks to securely transfer information such as PINS, Bank Statements, Passwords etc.
Paperless Office Transformation
eMudhra’s paperless office solution emSigner works on the cloud to transform customer, supplier, internal workflows to completely paperless ones using Digital Signatures. emSigner is designed to allow customized workflow definitions, multi party signatures, sequential or parallel signing, encryption.
In a typical implementation for customer on boarding in Banks, Customers use legally valid transaction based digital signatures which are generated server side while the approver uses a higher risk assurance class of digital signature in a crypto token to review and bulk sign approvals to complete the workflow. The documents are encrypted and stored in an inbuilt Document Vault. The documents are archived based on regulations for easy future retrieval.
Using emSigner results in huge cost savings, compliance and improved customer experience for Banks. For more information, please click here to go to emSigner site.