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India’s Second-Largest Bank, ICICI Bank, Selects SecuGen as Biometrics Supplier
Through partner Print Electronics, SecuGen fingerprint security helps bank come closer to Sarbanes-Oxley compliance
Santa Clara, CA (May 15, 2006) SecuGen announced that ICICI Bank (NYSE: IBN) of India has successfully deployed SecuGen’s fingerprint biometric solutions for users in its Treasury operations. Working with Print Electronics, one of SecuGen’s oldest partners, the bank was successful in its initial pilot and is now rolling out biometrics throughout its Treasury Department.
Brokers at ICICI Bank authenticate themselves to a computer network by scanning their fingerprints with SecuGen Hamster III fingerprint readers. The Secure Network Authentication Platform (SNAP) software compares their fingerprints with previously registered scans in the server to verify their identities. If the prints match, the brokers can login to the system to conduct their business of buying and selling stock - more securely and more conveniently than with passwords alone.
ICICI Bank has been using the fingerprint authentication solution for four months and has already reaped the benefits of biometrics. The deputy general manager of ICICI Bank’s Corporate Technology Group, Amit Sethi stated, “We are pleased to report a 50% drop in calls to our help desk for password-related support over the past quarter compared to the previous quarter. Qualitatively, security has improved, and we are one step closer to complying with Sarbanes-Oxley regulation which requires secure access to financial data, especially data that is vulnerable.” ICICI Bank’s senior manager, Kartik Shah, added, “We are very pleased with how well and cost-effectively this solution is working for us.”
SecuGen’s Value Added Reseller and partner, Print Electronics, won the contract with ICICI Bank. “The quality of SecuGen’s fingerprint products is among the best in the industry, and the responsive support from the SecuGen team has been outstanding. It is hard to overstate the importance of a sensor that can withstand a great deal of punishment and still operate flawlessly. We are pleased to help our customer succeed in securing their operations at the scale and level of security needed by large financial institutions,” says Manish Dalal, director of Print Electronics
Jeff Brown, VP of Sales for SecuGen commented, “The people at Print Electronics are very skilled and technically very savvy. Add to that their knowledge of the Indian business community and you will understand why we could not succeed without partners like them.”
SecuGen’s President, Won Lee, added, “India has established itself as a global science and technology leader. I am very pleased that ICICI Bank is setting the standard for financial institutions in using advanced security technologies such as fingerprint biometrics.”
About ICICI Bank
ICICI Bank is India's second-largest bank with total assets of over $38 billion USD and after-tax profit of over $450 million USD for the year ended March 31, 2005. With a network of over 570 branches and extension counters and over 2,000 ATMs in 11 countries, ICICI Bank provides banking products and financial services including investment banking, life and non-life insurance, venture capital and asset management.
About Print Electronics
Print Electronics is one of the leading manufacturers and system integrators of fingerprint based products for logical and physical access control systems. Print Electronics is a professionally managed organization with 120 employees, four overseas operations, and eleven branches in India. Backed by a strong dealer network spread over the world and an impressive satisfied client list, Print Electronics has been providing logical and physical biometrics solutions worldwide since 1998.
SecuGen is the world's leading provider of advanced, optical fingerprint recognition technology, products, tools and platforms for physical and information security. SecuGen designs and develops its own proprietary and patented fingerprint sensors and algorithms and markets OEM components, developer kits, application software and fingerprint peripherals worldwide for a wide range of applications.
SecuGen is a registered trademark of SecuGen Corporation in the United States and other countries.
© 2006 SecuGen Corporation. All rights reserved.