Brussels, 22 October 2012 – SWIFT, the financial messaging provider for more than 10,000 financial institutions and corporations in 212 countries, today released an information paper that takes a closer look into the real costs associated with building and running a PKI solution. The paper focuses on the findings of a cost study conducted by SEALWeb, an independent consultancy firm specialised in PKI implementations. It exposes the hidden costs for financial institutions to build and maintain a proprietary security solution and reveals that institutions could reduce their costs by up to 40% when using 3SKey.
Implementing a security management solution requires financial institutions to invest in a solid infrastructure with considerable running and maintenance costs. Understanding the full cost to build and maintain such an infrastructure can be a challenge as many cost components are not obvious or hidden. The paper identifies all cost components and compares the total cost of running a proprietary solution with implementing 3SKey. Three typical scenarios with varying levels of requirements were analysed and in all cases, implementing 3SKey was proven to be most cost effective.
3SKey is a simplified identity solution for financial institutions and their corporate clients. It enables strong authentication and personal signatures using a secure, scalable and cost effective shared infrastructure, allowing corporate treasurers to manage their various banking relationships using a single, multi-network personal digital identity solution.
Etienne Combet, General Director at SEALWeb commented “In our daily experience in defining PKI strategies with major international institutions, not only in banking and insurance but also in the industry and public sector, we see that organisations always consider expenses related to the hardware and licenses but sometimes forget associated costs to properly manage, operate and secure such infrastructures.”
“3SKey uses a trusted and reliable PKI infrastructure, allowing financial institutions to offer interoperability with other banks whilst maintaining control of the user identity registration process. With 3SKey, SWIFT takes away the burden to build, maintain and update a technical infrastructure” says Christoph Albers, Solution Manager, Corporate Market.
At Sibos in Osaka, a session in the SWIFT auditorium on Tuesday 30 October will focus on how 3SKey can help save time, effort and money. All week, on the SWIFT stand there will be 3SKey demos and experts available to go into depth in the cost study.
For more information about 3SKey visit www.3skey.com
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
For more information, please refer to our website www.swift.com or contact:
Tel: +32 2 655 3377
SEALWeb is an independent and trusted consultancy firm who has proven experience in managing PKI projects in the financial services and other industry sectors. Serving 100 clients including European companies and governments, SEALWeb helps design, build, audit, simplify or strengthen electronic trust infrastructures. SEALWeb recommendations are used by clients to lower costs while preserving, or increasing their security level.
For more information, please refer to our website www.sealweb.eu or contact:
Tel: +33 1 40 08 13 67