From the point of view of technology, banks are not known for embracing change quickly. However, instead of banks, the Government is leading the topic of security among financial institutions. This has enraged a fierce competition among several fin-tech startup companies. Even if the fundamentals of banking have not changed, the way in which individuals and business houses carry out banking transactions has certainly changed. It should be a matter of prime concern for traditional banks to embrace the latest and the most sophisticated methods of banking security to safeguard future opportunities and customers.
MIRACL is an innovative group of cryptographers, programmers and entrepreneurs who help digital businesses secure their future. It is named after their software library that is regarded as the gold standard for elliptic curve cryptography (Multiprecision Integer and Rational Arithmetic C/C++ Library).MIRACL Trust® is an end-user authentication product that delivers smarter, stronger security to the web and mobile apps that power any digital business.
The perfect solution for outdated security solutions
MIRACL Authentication for users is a simple, secure way for any user to login to a mobile or web application through the most reliable authentication system. Since there are no critical credentials transmitted to/from the platform or stored in the platform, it is called Zero Factor Authentication. They never send valuable information across the web, or through SMS. None of the critical information is stored in the cloud or in a local device.
MIRACL ensures stronger authentication using two or more of the following while requesting access:
With something that only the user has, like a token in a mobile app.
With something that only the user knows, like a four digit pin.
With somewhere that the user is, like a known time or place.
The Perks of MIRACL
The benefits of a bank working with MIRACL are two-fold and similar to the returns on a physical bank presence. The first is that customers feel safe placing their assets with a bank. MIRACL reinforces the end users perception that a bank considers their customers to be the most important asset, and that they have taken steps to protect them. The second is that the bank itself feels safe knowing that their assets, and those of their customers, cannot be compromised through something as simple as a password database breach.
Even if someone steals their client’s mobile device, logging in would still be impossible without the PIN that only the user knows. After three failed attempts, the account gets locked automatically.
MIRACL successfully eliminates the largest security threat, i.e. password database. It secures all users, employees, customers and contractors. It is easily implementable into any iOS or Android client app. It can be extended into any desktop or mobile application via open source, Apache Licensed developer SDKs for iOS, Android, C# and other web languages.
MIRACL meets security requirements for several sectors such as Education, Health/Pharma, Government and many subscription based platforms. It meets 2018 EU banking requirements for 2FA (PS2D ruling).
MIRACL stands out from its peers with a platform that powers their client’s products for mobile, web, the cloud and the IoT, which makes it both simple and scalable for security professionals to advance business initiatives more quickly across connected companies.
MIRACLenables reduced program code, greatly simplified program development, developer-designed APIs and rapid implementation, using inline code wrappers. Their library consists of well over 100 routines that cover all aspects of multi-precision arithmetic. The set of tools that comes bundled with it can enable any new number-theoretic techniques to be implemented quickly.
Principles that attribute to their success
Clarity and Confidence are the two most helpful attributes that MIRACL has drawn upon while developing products. They shaped their approach into the market with intense clarity. They drew their confidence from the fact that their elliptic curve cryptography has nearly 20 years of solid performance behind it.
The board of advisors is led by Chris Gilbert, Chairman and Brian Spector, Co-Founder. They have pioneered a revolution in protecting the person online and giving them a good user experience. They have removed roadblocks to unleash limitless connections between users, cloud applications and the Internet of Things.
Opportunities to look out for
The largest opportunity for a bank is to lead end users to new financial services solutions, instead of banks following startups to chase new and current users. Security is part of that new set of solutions and perhaps the simplest and most scalable part of the new paradigm.