Financial Institution Multi-Factor Authentication for Wire Transfers

A top 10 U.S. Commercial bank faced a critical challenge: the need to implement MFA for its legacy banking applications in response to an FDIC audit, while also enhancing overall security measures. PruTech was tasked with providing a comprehensive solution to address this challenge, including MFA implementation and broader security enhancements. The scope of the project encompassed secure legacy system integration, user training, rigorous testing, and compliance alignment, all under the guidance of a well-defined timeline and resource plan. The ultimate goal was to fortify the bank’s security framework, protecting its substantial assets and customer data while complying with regulatory requirements.

PruTech devised a comprehensive MFA implementation strategy for the client’s legacy Capital Market Applications, including Calypso-Core, Wall Street Systems (WSS), WSS Web, and LoanIQ. Collaborating closely with the bank’s cybersecurity team, PruTech executed the MFA integration, aligning with prior guidance and leveraging existing bank components for budget and timeline efficiency. As part of this solution, PruTech introduced a novel RESTful API-based MFA mechanism, developed in collaboration with UiPath robotics. This mechanism significantly enhanced security by providing an additional layer of protection for the client’s critical applications and data, ensuring secure and efficient user authentication.

A key focus of the solution was to meet current MFA audit requirements, ensuring compliance with existing regulations and standards. Additionally, PruTech designed a forward-looking roadmap for the client, featuring advanced MFA enhancements. This roadmap outlined the integration of cutting-edge security measures, including biometrics, a zero-trust model, and AI-driven dynamic entitlements. These advancements positioned the client to not only meet immediate security needs but also proactively adapt to emerging threats and industry standards. PruTech’s solution was a strategic step toward comprehensive and future-proofed cybersecurity within the financial industry, offering both immediate security benefits and a clear path for ongoing improvements and compliance.

PruTech’s solution marked a strategic leap toward comprehensive, future-proofed cybersecurity in the financial industry, offering both immediate security enhancements and a clear roadmap for sustained improvements and regulatory compliance. The successful deployment of a MFA solution for wire transfers significantly fortified the bank’s security posture, ensuring full FDIC audit compliance while also safeguarding the bank’s services against potential disruptions.

Beyond regulatory alignment and enhanced security, this implementation yielded several other tangible benefits. It not only bolstered the bank’s competitive position and heightened customer trust in its security measures but also led to a reduction in security incidents and associated costs. Additionally, the proactive approach enhanced the bank’s ability to attract and retain customers who prioritize data security, further solidifying its reputation and reliability within the financial sector.