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July 29, 2009
Formed in 1865 by Chicago's largest banks, the Chicago Clearing House Association was established to facilitate check exchanges between its affiliates and to provide for the settlement of balances resulting from those exchanges. It is a voluntary, not-for-profit association providing check clearing and settlement services totalling more than $2.5 billion daily for its eight member banks and 250 affiliates throughout Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin.
With its innovative EDIBANX® service, a web-based technology, the CCHA significantly reduces the costs of exchanging cash-letter adjustments between banks. The proprietary service incorporates VASCO’s strong authentication to protect the thousands of high-value transactions it processes on a daily basis.
To ensure the security of cash-letter adjustment transactions conducted over the internet by banks and processing centres that participate in the CCHA’s EDIBANX service.
Implement a security solution that would make it simple to recognise the hundreds of authorised users who would be accessing the service from many different entry points – but at the same time, provide a high degree of protection for valuable cash-letter adjustment transactions.
CCHA incorporated a strong authentication method of security into its system design. Built around software provided by VASCO and the DIGIPASS Pro 300 authentication device, the EDIBANX log-on sequence requires authorised users to enter a dynamic (or one-time) password before they are granted access to the system.
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