Wednesday, March 1, 2017

Persistent Systems Granted Development Rights by USAA Services


Persistent Systems has announced an agreement with USAA for development rights to a number of patented innovations currently in use by USAA related to security in financial services.

 USAA, a FORTUNE 500 financial services provider that serves members of the military and their families, has been an innovator in securing authentication and financial transactions through a process that extends beyond user passwords and security questions. The development and intellectual property rights granted to Persistent stem from innovations that USAA uses to identify and verify members, while also protecting their privacy. 

Through this agreement, Persistent will extend these technologies and address a growing market opportunity for digital security products and solutions in the financial services industry. Persistent will focus on authentication and security solutions based on concepts such as micro-trust, risk-aware, contextual, and personalization in conjunction with technologies related to biometrics, risk modeling, and dynamic proofing.

Sudhir Kulkarni, President Digital at Persistent Systems says, “Digital transactions in financial services are growing at a rapid pace. This agreement is at the intersection of security and digital transformation in financial services, and it brings together USAA’s patented security technologies with our product engineering DNA to strengthen our focus on the how of digital.”

Gary McAlum, USAA’s Chief Security Officer says, “The financial services industry is highly connected, and we want every link in the chain to be strong from a security perspective. That’s why we’re excited to work with Persistent Systems to see patented innovations we use today developed into products that can benefit others in the financial sector. Just like we say to our members, we are stronger together than we are apart.” 

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