The Federal Financial Institutions Examination Council (FFIEC) has issued new guidance for banks regarding “Authentication in an Internet Banking Environment.”

For banks offering Internet-based financial services, the guidance describes enhanced authentication methods that regulators expect banks to use when authenticating the identity of customers using the on-line products and services. Examiners will review this area to determine a financial institution’s progress in complying with this guidance during upcoming examinations. Financial Institutions will be expected to achieve compliance with the guidance no later than year-end 2006.

The full text of the guidance letter (PDF) is available online.

Visa USA has announced several new upgrades to VisaNet, its global payment processing network. 'The demands of Visa cardholders never stop changing, so we never stop improving and expanding the technology that is at the core of Visa's value,' said John Partridge, CEO of Inovant LLC, Visa's IT organization responsible for global transactions processing and technology development.

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