SOURCE: OneID

OneID

May 14, 2013 06:00 ET

MyVest Selects OneID for Simple, Secure Authentication

OneID Combines Password-Free Sign In With Customizable Two-Factor Authentication for All MyVest Financial Institution Customers

SAN FRANCISCO, CA--(Marketwired - May 14, 2013) - MyVest, a leading wealth management platform to wealth management firms and financial advisors, today announced the addition of OneID to its flagship product, the Strategic Portfolio System (SPS). In adding OneID, MyVest solves the challenging problem of ensuring simple log-in to its system while delivering the highest security standards for its clients.

"The proliferation of passwords is raising critical security and privacy issues in financial services, especially for the large diversified institutions we serve," said Anton Honikman, CEO of MyVest. "OneID's innovative approach to solving this growing problem makes them the perfect partner for us."

 "We chose to integrate OneID with MyVest because they provide us and our end-users with a truly trusted identity and a higher level of privacy and security," said Steve Warren, CTO and COO of MyVest. "At the same time OneID simplifies authentication for advisors and enterprise administrators by eliminating the need to manage yet another password."

OneID's identity solution for MyVest clients consists of two forms of authentication:
1) password-free, one-click sign in for basic users, and 2) two-factor authentication for administrators. When a basic user logs into the Strategic Portfolio System with OneID, they don't need to remember a password. Instead, their authorized device transmits a digital signature which confirms that this device is associated with that user.

If an administrator attempts to log in with OneID, they're asked to authenticate by clicking the Sign In with OneID button and approving an out-of-band message sent to their smartphone. OneID's integrated, two-factor authentication delivers the highest security to the MyVest client while only asking for two taps from the user.

"With the exploding growth of smartphones and other mobile devices, we're quickly moving toward a world where the user expects only to click or tap," said Alex Doll, CEO of OneID. "And yet the security threats are increasingly sophisticated, so we can't compromise there for the sake of usability. OneID's unique pairing of consumer-centric usability with public key cryptography behind the scenes enables us to support partners like MyVest who demand both for their clients."

With an architecture that authenticates based on independent digital signatures rather than passwords, and digitally signs each transaction at the end point, OneID delivers both non-repudiation and FFIEC compliance to its financial service customers. And with no hardware investment required and simple, one-time user enrollment, OneID deployment is fast and affordable.

MyVest has completed technical integration of OneID into their platform making it available to all MyVest clients for enhanced enterprise security and privacy today.

OneID will be demonstrating at FinovateSpring in San Francisco on May 14-15. FinovateSpring showcases innovative technologies in banking and finance and showcases a selective lineup of new technologies.

About MyVest
MyVest's mission is to secure the future of underserved families by equipping their financial advisors with the capabilities to provide personalized wealth management at scale. Those capabilities include MyVest's Strategic Portfolio SystemTM (SPS), a cloud-based wealth management platform that automates client proposal preparation, tax-aware model-based portfolio management, compliance and reporting of personalized portfolios for affluent investors. SPS is built as an enterprise system enabling team collaboration and multiple operating models across a diversified organization. The outcome is that formerly underserved clients get personalized wealth management, advisors spend more time with clients and prospects instead of unproductive manual tasks, and wealth management firms can achieve more scalable, profitable businesses. Founded in 2001 and headquartered in downtown San Francisco, MyVest combines expertise from San Francisco's technology and financial communities. To learn more, visit www.myvest.com.

About OneID
OneID is the first digital identity provider to eliminate the need for usernames, passwords and site-specific accounts, making the online experience simpler and more secure. OneID enables online transactions without typing by instantly recognizing individuals through their unique digital identity. OneID combines advanced, military-grade cryptography and a distributed cloud architecture to authenticate users through registered devices, like computers and smartphones. For businesses, OneID reduces fraud and eliminates the costs and risks associated with managing and securing customer accounts and data. Based in Redwood City, Calif., OneID was created by search engine Infoseek founder Steve Kirsch and is backed by Khosla Ventures and North Bridge Venture Partners. For more information or to create your OneID, visit http://www.oneid.com.

Contact Information

  • Media Contacts

    For MyVest:
    Charles Haims
    MyVest
    510-747-8624
    Email Contact

    For OneID:
    Renee Deger
    Lewis PR Global Communications
    415-432-2439
    Email Contact