March 10th, 2022 – StrongKey is proud to announce its selection for the Federal Reserve's new FedNow Service Provider Showcase. Launched publicly on March 8th 2022, the Provider Showcase is an online resource designed to connect financial institutions with service providers and thus enable collaboration towards instant payment solutions.
“StrongKey is excited to be featured on the FedNow Service Provider Showcase, and we look forward to the collaboration with financial organizations who want to implement instant payments” said CTO Arshad Noor. ”The Tellaro family of solutions has long been dedicated to making the highest levels of security available to organizations of all sizes. Our future offerings for the FedNow Service represent the Tellaro’s next evolution.” StrongKey intends to have early access versions of this capability available throughout the course of the year, and launch production solutions and services as the FedNow Service goes live in 2023.
The StrongKey Tellaro is one of the most secure data protection appliances, servicing customers in e-commerce, telecommunications, banking and payments industries all over the world. Leveraging FIPS certified cryptographic hardware and software, the StrongKey Tellaro appliance supports data encryption, tokenization, card-present transaction processing, passwordless FIDO strong authentication, digital signatures and key-management of billions of cryptographic keys for compliance to regulations such as PCI-DSS, GDPR, CCPA, HIPAA, FFIEC and PSD2. Leveraging this security foundation and over two decades of deployment expertise, the StrongKey Tellaro will add support for the FedNow Service by early 2023.
The StrongKey Wallet will deliver one of the most secure and privacy protecting digital wallets in the world. Leveraging advanced security capability available in modern mobile devices (Biometrics, Trusted Execution Environment, Secure Elements, Hardware Attestations), and based on industry standards, it will deliver a frictionless user experience for instant payments through the FedNow Service when it goes live in 2023.
“We appreciate StrongKey’s commitment to enabling FedNow adoption and participating in the showcase,” said Nick Stanescu, Federal Reserve Bank senior vice president and FedNow business executive. “The time is now for organizations to identify and connect with partners they’ll need to build the end-to-end solutions the market is demanding.”
StrongKey is the leading provider of open-source strong authentication and data protection solutions. Founded in 2001, StrongKey helps fintech, enterprise, pharmaceutical, manufacturing, and e-commerce companies protect their data. The StrongKey Tellaro is a comprehensive solution that delivers passwordless FIDO strong authentication, encryption, tokenization, and key management (including X.509 digital certificates). Unlike other security solutions, StrongKey provides its solution with open-source licensing, thereby eliminating transaction, or per-user fees, and making it one of the most cost-effective security solutions in the world. StrongKey Tellaro appliances use FIPS 140-2 Level 2 (standard) and Level 3 (optional) validated cryptographic hardware modules to secure the generation, use, and storage of cryptographic keys to comply with US Federal regulations.
About the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org.
"FedNow" is a service mark of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.