TynTec offers one-time SMSs to banking industry

A company called TynTec has launched a high-speed secure SMS facility for banks and other financial institutions to use to deliver one-time passwords to their customers.

The idea is that banks use TynTec's proprietary SMS back-end infrastructure to give guaranteed secure delivery of all text messages in under 15 seconds.

The passwords are time-restricted, making them quite secure and, once used, says TynTec, they are invalid.

Markus Kramer, Banking Product Manager at TynTec, said that one time passwords have been seen as a key tool in enhancing the security of things like online banking but, to date, the delivery system has remained a problem.

"Ordinary SMS can get delayed or even lost and the back end cannot offer the level of security that people would expect of sensitive banking information," he said.

"We can offer an SMS system that will get to consumers within seconds of their request and will do so in absolute security," he added.

Hmmm - interesting. I can't see the UK banks adopting this system though - after all, their record on implementing security systems that cost them munney isn't so hot...