Member News — Valley Bank Selects Authoriti for Authorization of Wire Transfers
March 14th, 2019
The Authoriti Network (“Authoriti”), the leading provider of new ways to prevent identity theft and misuse of consumer data, announced today that Valley National Bank (Valley) has selected Authoriti to authorize its customers’ wire transfers. Valley will provide the ability for wire customers to generate Permission Code-based “Smart PINs” from their phones.
Authoriti flips the age-old financial model in which financial and other institutions challenge their customers. With Authoriti, customers authorize the institution to execute a transaction on their behalf, maintaining control though multi-factor authorization – as opposed to multi-factor authentication.
“Valley customers will benefit from the ease with which they can securely authorize their wire transfers, without the delays and interruptions of requiring confirmation calls,” said Robert Bardusch, Chief Operating Officer at Valley. “With just a couple of clicks they can provide us with authorization to complete their transactions on their schedule.”
“We are excited to be among the pioneers to share this revolutionary approach to authorization with our banking customers,” agreed Fabian Rojas, Chief Technology Officer at Valley. “The safe, secure and resilient Authoriti Permission Code technology will protect our customers by putting them in control of their own transactions, significantly reducing the potential for identify theft and fraud, while streamlining our internal processes. Everybody wins.”
“We are thrilled to have Valley as one of our charter Permission Code customers,” said Lou Steinberg, Managing Partner of Authoriti. “Valley’s adoption of the latest technologies in support of their clients showcases what a modern, digital bank can accomplish.”
How Permission Codes Work
The Authoriti Permission Code puts control of transactions in the hands of the consumer and gives institutions the confidence that every action is authorized. Consumers can authorize a wide variety of requests, including tax return filing, money transfers, insurance billing, sharing medical and financial information, or even social network data sharing.
Institutions that need to approve a transaction simply ask for a Permission Code. A simple webservice call to Authoriti validates that the correct user has generated the code and that the transaction is authorized for the intended purpose.