Monitise announced the launch of its two factor authentication service - Accode
LONDON -- Monitise Group, the mobile banking and security division of Morse Plc, today announced the launch of its two factor authentication service - ACCODE(tm). The new service, which is based on the banking grade security model behind Monitise's banking service MONILINK, provides organisations with a secure two factor authentication (2FA) service delivered seamlessly across customers existing mobile phone handsets. The service is forecast to reduce the overall cost of ownership of a 2FA service by 66%.
Alongside this announcement, Attenda, the Always On Managed Services company and leading provider of outsourced IT services in the UK, has announced that it will offer ACCODE to its clients. The company, whose clients include Avis Europe, bmi, easyCar, Compass Group, Microsoft, NHS, Princes and Sun Microsystems, will allow users of its outsourced IT services to use ACCODE as an alternative to existing token based services and as an integral part of several of its upcoming propositions.
ACCODE offers a secure, lower cost, mass market alternative to token based security systems, coupled with far greater convenience. User trials have confirmed that ACCODE reduces cost of ownership by 66% from an average of £120 per user over three years to around £40 per user. Based on a secure application stored on the mobile handset, the service uses secure algorithms to generate one time passcode that can be used to secure access to desktop and online services. Furthermore, the service is always available, since, although generally an 'online' application it has an 'offline' capability allowing the service to work even in areas with no cell phone coverage.
ACCODE has been developed in response to a growing need for better security and identity services in the online environment. Historically this has been provided by token based services. However, such services do not reflect consumer behaviour or desire since they force users to carry yet another piece of technology with them. This has also generated high support costs for providers, due to the high rates of loss or incidents of users forgetting the tokens and then requiring helpdesk support in order to access their secure resources.
Simon Hansford, VP of Product Marketing, Attenda said: "One of the biggest barriers to the adoption of secure identity services is the requirement to carry a second piece of technology at all times, this is not only inconvenient but also resented by many potential users. The launch of ACCODE opens the door to mass market adoption of two factor authentication services with a far lower cost of deployment, a reduced ownership and the provision over a device which consumers already regard as indispensable to their day to day lives."