TriCipher Press Releases
TRICIPHER REPORTS RECORD QUARTER FUELED BY INCREASED DEMAND FOR HIGHLY SECURE ONLINE BANKING SERVICES
New customers serving more than eight million consumers, continued product innovation and multiple presentations at RSA Europe reflect TriCipher’s increased market traction worldwide
SAN MATEO , Calif. — Oct. 23, 2006 — TriCipher, Inc., the leading innovator and provider of future-proof, risk-based authentication, today announced a record third quarter, with a 2x increase over Q2 2006 revenues. Over the last four fiscal quarters, the company has averaged 50-100% quarter-over-quarter growth, and is enjoying a 10x increase in business booked over its 2005 run rate. The company added 14 new service providers, bank holding companies, electronic funds transfer service providers , and retail banks to its roster in the third quarter – financial institutions that, combined, serve more than 3500 banks and eight million customers, and represent six trillion dollars in assets managed. TriCipher also upgraded its flagship product, the TriCipher Armored Credential System (TACS) with an innovative partitioning feature called Realm ID that enables service providers and large financial institutions to manage thousands of unique customer communities, applications or banks on a single infrastructure. Widespread adoption of the company’s groundbreaking authentication technology, together with industry validation of TriCipher’s strong security and unmatched flexibility, highlights the company’s momentum as it continues to deliver strong protection against current and emerging threats such as ‘man in the middle” and “man in the browser” attacks.
Ease-of-Integration Fuels TriCipher’s Dominance in the Online Service Provider Market
Adding to TriCipher’s roster of service provider partners that include Digital Insight, Metavante, CheckFree, and P & H Solutions are Q 2 Software, a provider of software and services to community banks and credit unions, and the nation’s largest credit-union service organization serving more than 500 credit unions nationwide. TriCipher’s flexible architecture is uniquely designed to scale across large sets of users and applications, dramatically reducing the complexity and management challenges traditionally associated with centrally managing multiple authentication infrastructures. This has been particularly valuable for service providers because TACS allows them to more effectively and securely manage authentication services across multiple financial institutions. With these and other new customers, TriCipher’s customer base today represents many of the world’s most progressive financial institutions.
First-of-its-Kind Partitioning Technology Highlights Product Enhancements
Continuing its pattern of innovation, TriCipher maintained product momentum in Q3 with the introduction of a new feature called Realm ID into the TACS architecture. Realm ID enables organizations to set up distinct partitions or "realms" that allow them to deploy custom authentication controls across separate applications, user communities or banks – for example, online bill pay or cash management – while centrally managing all of these applications via a single TACS infrastructure. Realm ID enables organizations to set up private “realms” through which they can manage authentication policies based on who the user is, where they’re logging in from, or the nature of their transaction. TriCipher’s Realm ID functionality complements and extends the flexibility and manageability offered by TriCipher’s patented Authentication Ladder, which enables organizations to deploy and manage different kinds of authentication from a single infrastructure based on specific business requirements.
“TriCipher’s strong momentum is fueled by global acceptance of our approach to authentication -- clearly indicated in the dramatic adoption of our technology by a range of leading banks and credit unions,” said John De Santis, CEO of TriCipher. “With FFIEC deadlines around the corner, financial institutions are under the gun to implement solutions that will meet regulatory requirements. Our unique architecture enables financial institutions to act immediately with the assurance that what they buy today will continue to add value and protect their online customers as threats, regulations, and business requirements continue to evolve.”
TriCipher Presents at RSA Europe
Highlighting TriCipher’s increased global footprint, François Lavaste, who leads EMEA operations for the company, will be giving two presentations at RSA Europe in Nice France.
On Monday, October 23 rd at 16.00-16.50 in the Agora 2 meeting room, Lavaste will lead a Special Interest Group (SIG), facilitating an insightful discussion that explores the trade-off between convenience and security for different sets of users.
On Tuesday, October 24 th at 4:40pm, Lavaste will co-present a session titled “Website Security: Balancing Strong Security with User Convenience” with Chris Mayers, Security Architect for Citrix Systems, Inc. This presentation will address how to best leverage multi-factor authentication with existing Internet infrastructure to ensure internal website security and protect consumers against emerging forms of online fraud such as 'man in the middle attacks' and other forms of phishing.
About TriCipher, Inc.
TriCipher, Inc. provides Future Proof Risk Based Authentication. The TriCipher Armored Credential System™ (TACS) is the first authentication system that enables companies to deploy and manage multiple types of credentials from a single infrastructure. Through this flexible “Authentication Ladder,” TriCipher delivers future-proof security — protecting customers’ investment by enabling authentication strength to adjust in response to new threats and regulatory changes without the need to implement a new infrastructure. In addition, TriCipher delivers risk-based authentication, preventing online fraud through seamless integration with fraud detection systems, secondary authentication systems, and the ability to enforce security software presence checks for malware protection. Founded in 2000, TriCipher is headquartered in San Mateo, California. The company was incubated as NSD Security before launching as a separate entity in 2005 with backing from ArrowPath Venture Capital, Intel Capital, Trident Capital, and Wasatch Venture Partners. For more information, visit TriCipher on the web at www.tricipher.com.
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TriCipher and Armored Credential System are either registered trademarks or trademarks of TriCipher, Inc. in the United States and/or other countries. All other products and services mentioned are trademarks of their respective companies
For more information, contact:
Elizabeth Safran
Trainer Communications
tc@trainercomm.com
(408) 920-0585
Seth Knox
TriCipher, Inc.
seth@tricipher.com
(650) 372-1328
