Testkeys are electronic signatures widely used in the banking environment to authenticate electronic messages onto which physical signatures can not be appended. Historically, the media used were Telegrams, Telex and Facsimile which now has been expanded to cover Dial-up / Leased line phones, VSAT's and over the Internet.
While Testkeys are a robust and time tested electronic signature, with increasingly versatile software and hardware tools being available to unscrupulous elements, it is now advisable for financial institutions to supplement Testkeys with correspondingly sophisticated measures to ensure the integrity and authenticity of messages and files being transmitted. TEST combines traditional Testkeys with sophisticated symmetrical and asymmetrical encryption techniques to ensure the integrity and authenticity of messages and files being transmitted.
Key Features :
Using TEST messages / files can be sent between institutions in minutes. Typically the time taken for a tested outgoing message / file to be generated by one institution, encrypted and sent to another institution where it is decrypted, the Testkey verified and an incoming transaction generated will be in minutes.
Using TEST's multi-tiered user and user group features, an institution can decide on user profiles that are allowed to generate and authorize different kinds of transactions. For example, Two Level 3 Officers could be allowed to generate a request for a statement from a Nostro while One Level 2 and Two Level 1 Officers could be allowed to generate outward funds transfer instructions to a Nostro of value between USD 500,000 and USD 1,000,000. This allows an institutions human resources to be used very effectively.
TEST's template features allows institutions to set up templates used by different departments. An LC department could set up an instance of a Standby LC and the Treasury department could set up an instance to settle forward FX deals, TEST would generate appropriate tested messages for all transactions created using these instances at transaction run time.
Erroneous Testkeys are eliminated and consequent losses due to failed transactions. The interest loss on a failed 10 Million GBP transaction over a long weekend would be in the region of cost of licensing TEST. Any type of file can be sent by TEST which drastically reduces an institutions traditional communications costs such as courier and facsimile.
The fact that messages can be sent over Telex, Fax, Dial-up / Leased phone lines, VSAT or the Internet allows institutions the freedom to use the entire spectrum of message transmission media. Users can evaluate the cost/benefit ratios of each media, choose the one suited to particular individual transaction thereby giving institutions a huge competitive advantage.
System Features :
User Definable Testkey Table Types
Unlike most Testkey packages available, TestStar allows institutions to generate absolutely any table type at any time. For example, a new two dimensional Recipient / Amount Table could easily be generated by an institution in minutes without any assistance from us.
User Definable Testkey Instances
Any number of Testkey instances can be set up and parameters can be controlled for each instance. This allows an institution to control access for particular employees as well as ensure that transactions generated using the instance conform to rules set up by the institution.
Prefix / Suffix variables
TEST allows institutions to specify Prefix's and Suffix's for each Testkey instance. All transactions generated using the instance will have an appropriate Prefix / Suffix.
User Definable Personnel Access
Depending on Testkey instances an institution could specify multi-level tiers of personnel authorized to process part of, or, a complete transaction.
User Definable Message Templates
Templates can be defined for each Testkey instance specifying attributes to be inserted into different sections of the message. The system will generate an appropriate message at transaction run time.
Auto Incoming Transaction Generation
An incoming tested message over phone, VSAT or the Internet is automatically decrypted, an incoming transaction is generated and the Testkey verified. No manual input is required from operators.
File Cutting/ Joining /Transmitting
Any kind of file can be transmitted with Testkeys. Users can cut files into any number of pieces or sizes and transmit the whole file or the pieces separately.
Hardware locks are available to prevent unauthorized use of the system.
Integrated to Microsoft Word
Templates can be generated with user defined or system defined parameters and introduced into any part of the message from a tab in Microsoft Word.
Integrated to Microsoft Excel
Testkey table values can be imported from or exported to Microsoft Excel.