Innovative Security Implementation (MFA) in Banking Applications Qorus-Infosys Finacle Banking Innovation Awards 2024

Our project focused on addressing a critical security gap in the current version of the Finacle application by implementing multifactor authentication (MFA). This enhancement was driven by compliance requirements mandating dual authentication methods for application logins. This multifactor authentication within the Finacle Application showcases significant improvements in security, compliance, and user experience.

The Finacle application previously lacked two-factor authentication (2FA), which was a significant compliance concern. To meet regulatory requirements and enhance security, we customized Finacle to incorporate MFA seamlessly into the login process. This innovation ensures that when a user logs in with their user ID and password, the system subsequently prompts for a One-Time Password (OTP) sent to their registered mobile number and email address. Only upon entering the OTP does the login process complete. The current Finacle version do not have MFA functionality, and hence we need to use third party tool to mitigate the compliance requirement. Instead of using third party tool, we leveraged Finacle build-in customization facility and created new module.

Our project exemplifies a strategic and innovative approach to enhancing security in banking applications. By leveraging Finacle's existing infrastructure and developing a robust MFA system, we have not only met compliance requirements but also significantly improved the security and user experience of the Finacle application. This project is a testament to our commitment to maintaining high standards of security and operational excellence in the banking sector.