Persistent SystemsBSE 1.36 % announced an agreement with USAA for the procurement of development rights to a number of patented innovations currently in use by the USAA related to security in its financial services. USAA, a Fortune 500 financial services provider that serves members of the military and their families, has been an trendsetter in securing financial transactions and authentification through a process that extends beyond the user passwords and security questions.
The development and intellectual property rights granted to Persistent systems from the improvements that USAA uses to verify and identify members, while also protecting their privacy. With this agreement, Persistent will cover these technologies and address a budding market opportunity for digital security products and solutions in its financial services industry. Persistent will also going to focus on security & authentification solutions based on concepts such as risk-aware, contextual, micro trust and personalization in conjunction with the technologies related to risk modeling, biometrics and dynamic proofing. Sudhir Kulkarni, president-digital, Persistent Systems said, “Digital transactions in financial services are growing at a swift pace. This agreement is with the connection of security and digital transformation in financial services, and it will also bring together USAA’s patented security technologies with our product engineering DNA to toughen our focus on the know how of digital.”
USAA provides insurance, investment, banking and retirement products and advice to its 11.8 million current and former members of the US military and also their families. Gary McAlum, chief security officer, USAA, said, “The financial services industry is vastly connected, and we want every link in the chain to be durable from a security outlook. That’s why we’re excited to work with the Persistent Systems to see the 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.”