Ocean Systems to Offer Entrust Multifactor Authentication Platform
Entrust IdentityGuard to be made available to Ocean Systems’ financial institution customers
14 Nov 2006
DALLAS – As the fight to thwart online identity theft and fraud attacks gains momentum, Florida-based Ocean Systems has selected multifactor authentication from Entrust, Inc. [NASDAQ: ENTU]. Ocean Systems will offer Entrust IdentityGuard to its customers, which primarily consist of financial institutions – in North America, Latin America and the Caribbean – with assets ranging from $500 million to $10 billion. The company cited the range of authentication mechanisms supported by Entrust IdentityGuard in a single platform that can be deployed to range of constituencies including customers, employees and partners.
“With regulatory and customer confidence pressure to bolster security with multifactor authentication, our customers are thirsty for solutions that give them a wide range of choices while not requiring integration into their back end applications,” said Ocean Systems, Inc. President Juan Mendoza. “Entrust IdentityGuard is cost-effective, versatile, as well as easy to deploy and use – traits attractive to our company, clientele and their customers.”
With an inception in 1991, Ocean Systems, Inc., provides compliance solutions to more than 225 financial institutions. The company’s flagship software offerings include an AML transaction monitoring software system, Enhanced Compliance Solution (ECS), and an automated wire transfer solution, FedLink. The companies plan to implement the Entrust IdentityGuard solution into both the ECS and FedLink environments to provide clients easy-to-use multifactor authentication security.
“We applaud Ocean Systems’ proactive strategy of implementing multifactor authentication to help their customers reap the benefits that come from a more trusted environment,” said Entrust Chairman, President and Chief Executive Officer Bill Conner. “Our partnership will support the effort to prevent continued online fraud attacks of financial institutions, both domestically and abroad.”
In the short term, Ocean Systems, Inc. also will deploy Entrust IdentityGuard to assist their financial institutions in complying with the FFIEC’s year-end mandate.
As an established global leader in online security, Entrust has developed an open multifactor authentication platform that can help organizations protect user identities to reduce the risk of fraudulent transactions. Entrust IdentityGuard provides choice and flexibility to both end-users and enterprises by offering a variety of multifactor and mutual authentication capabilities. Strategies range from machine and knowledge-based authentication to physical second factor with Entrust’s patented grid-based authentication; or even third-party, time-synchronous physical devices such as tokens.
Headquartered in Miami, Fla., Ocean Systems, Inc. products are installed both domestically and in Latin America. As certified vendor of the Federal Reserve Bank, Ocean System’s core software products include the FedLink family of Wire Transfer Automation products, ISOLink Transaction Server, OFAC Server, and the Enhanced Compliance Solution (ECS) products.
With the relationship, Ocean Systems joins Entrust’s list of more than 60 trusted partners across the globe.