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Australia Post signs NSW Teachers Credit Union as its first VIP Online Security customer

  • 20 February, 2007 11:48

<p>Australia Post today announced that it has signed NSW Teachers Credit Union as its first VIP Online Security customer. This low-cost, secure and convenient service enables financial institutions to implement strong, multi-factor, one time password (OTP) security tokens for online banking authentication.</p>
<p>Following the Australia Post and Ultradata Australia Pty Ltd partnership announced earlier this month, NSW Teachers Credit Union is the first financial institution to adopt this security as part of its existing Ultradata My Viewpoint core banking and internet banking software.</p>
<p>Roger Lee, Manager Authentication Services at Australia Post, said the fact that one of the largest and most progressive credit unions in Australia has chosen VIP Online Security to provide an additional layer of protection for its members’ internet banking, is a significant stamp of approval for this new service.</p>
<p>“As the first financial institution to adopt Australia Post VIP Online Security, NSW Teachers Credit Union is leading the way in protecting its members from the risks associated with online fraud and identity theft,” said Mr Lee.</p>
<p>Chief Executive Officer of NSW Teachers Credit Union, Steve James, said it was an important milestone for their 140,000 members located throughout NSW, the ACT and Northern Territory. “As we do not have a branch network, they rely very heavily on the Internet to access their accounts. Obviously, security in online banking is our prime consideration and Australia Post’s two-factor state of the art authentication solution will provide our members with peace of mind when transacting over the internet.”</p>
<p>“We are delighted to be the first Australian financial organisation to introduce VIP Online Security to our members,” said Mr James.</p>
<p>Ultradata Chief Executive Officer, Peter Henshaw, also commented saying, “the announcement from NSW Teacher’s Credit Union is evidence that delivering a straightforward and cost effective multi-factor authentication solution will be well accepted by Australian financial institutions looking to provide the best tools possible to protect their customers.”</p>
<p>Leveraging a shared authentication network, Australia Post VIP Online Security, enabled by VeriSign® Identity Protection (VIP), allows online service providers to accept the same authentication credentials as other participating members of VeriSign’s global VIP network.</p>
<p>Although the customer's security token can be used at any VIP network member website, each member organisation will be able to maintain control over its own business rules and security requirements and no identification or customer account information regarding the customer is ever shared.</p>
<p>The Australia Post VIP Online Security service complements Australia Post’s growing suite of Identity and Verification services and continues its strong history in providing a broad range of services to financial institutions in Australia, such as Bank@Post, POSTbillpay, In-Person Proofing and verifying identity for bank accounts.</p>
<p>Australia Post will be showcasing VIP Online Security at the ACUI Conference and Exposition in Brisbane, February 24 – 28, 2007. For more details, visit or call 1300 364 543.</p>
<p>- ends -</p>
<p>Media Contacts -</p>
<p>Lea Jaensch, Australia Post - (03) 9204 5362 *
David Loring, NSW Teachers Credit Union - (02) 9735 9196 *
Andrew Hubbard, Ultradata - (03) 9291 1600</p>
<p>About Australia Post</p>
<p>Australia Post is a government business enterprise (GBE) operating under the Australian Postal Corporation Act 1989. The Corporation is a self-funding business that uses its assets and resources in order to earn profits, which can be reinvested into the business or returned as dividends to our shareholder, the Commonwealth Government. For further information about the Corporation, visit our website at</p>
<p>About NSW Teachers Credit Union</p>
<p>NSW Teachers Credit Union is the Credit Union for Teachers and other people employed by the Departments of Education and Training in NSW, the ACT and the Northern Territory, and members of their families. It has 142,000 Members and assets of $1.85 billion</p>
<p>Formed in 1966, celebrated its 40th Anniversary on 27th September 2006. It has retained its core member base and has never merged with any other credit union.</p>
<p>The Credit Union operates on a low fee or no fee basis, with no account keeping fees on savings or loan accounts and provides a full range of Housing and Personal Loans, Investment and Savings accounts as well as associated services such as financial advice, travel, insurance and a car buying facility.</p>
<p>With only two offices both in Sydney it provides remote access to accounts world wide through Visa debit cards and Credit cards which can be used in every ATM and EFTPOS site in Australia and also accepted at ATMs and merchants worldwide. Both its Internet banking and IVR telephone services provide access 24/7, and its Call Centre operates from 8.00am to 7.00pm Weekdays and 9.00am to 1.00pm Saturdays</p>
<p>Eleven of its Housing Loan products have received a 5 Star CANNEX rating and in a recent Smart Investor survey by The Financial Review it was rated as the best financial services provider of all credit unions and building societies.</p>
<p>In a 2005 Member survey, NSW Teachers Credit Union achieved a 95% satisfaction rating: the highest rating received by any financial institution, one reason why the average deposit per Member is a high $10,600.</p>
<p>NSW Teachers Credit Union helps Teachers and other Department of Education and Training employees as well as members of their families to enjoy a better standard of living through superior, low cost financial services. By offering a different kind of banking.</p>
<p>About Ultradata</p>
<p>Ultradata delivers technology solutions to the Asia Pacific financial services market. Established in 1977 and now with over 200 staff, Ultradata has offices throughout Australia and in New Zealand and Malaysia.</p>
<p>Ultradata supplies software solutions for core banking, funds management, consumer finance products such as Lending, Internet Banking, Debit and Credit card, ATM, Interactive Voice Response and cheque book systems. These are built on a service-oriented architecture and tailored for each individual organisation. Clients range in asset size from start-ups, $1 million through to $15 billion and are spread throughout 8 different countries. Additional information about the company is available at</p>

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