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New York, NY, United States, 2014/11/25 - The Verizon solution will assist PEXA to establish identities across multiple systems and applications and create an integrated and auditable trail - PEXA.com.au / Verizon.com. NYSE, NASDAQ: VZ
Property Exchange Australia (PEXA) has chosen Verizon ‘smart credentials’ identity authentication solution to help secure its new national electronic-conveyancing system. The new conveyancing system eliminates the need for purchasers to manually complete multiple forms and allows Land Registries, financial institutions and practitioners to transact online together, in real time. PEXA anticipates that the system will enable Australian consumers to finalize their transactions quicker, slashing processing times.
PEXA’s electronic-conveyancing system’s functionality will support new mortgages, mortgage discharges, transfers, settlements, caveats, notices and other administrative documents in one easy to use, intuitive, electronic platform. The fully-managed Verizon solution will assist PEXA to establish end-user identities across multiple systems and applications and create an integrated, auditable trail. In addition, it enables users to digitally sign documents through a smart card.
“When you are transacting online, the last thing you want to worry about is the integrity of the system, especially with multiple parties involved,” PEXA CEO Marcus Price said. “With PEXA, lawyers, conveyancers and banks can perform lodgments and financial settlements online with appropriate levels of security.”
According to the Verizon 2014 Data Breach Investigations Report, two-thirds of all breaches were attributed to lost or stolen user credentials (user name/password). Verizon’s ‘Smart Credentials’ was developed for enterprises looking to protect both physical and virtual assets. Using a web-based portal, updates and changes can be made quickly and easily, giving organizations insight into how data is being accessed and who is accessing it. This is especially helpful when managing lost credentials, new hires, departed employees and a change-over with partners and/or suppliers, as well as suspicious network behavior.
The cloud-enabled solution is being delivered from the company’s highly secure Canberra data center. “Businesses need to ‘talk to each other, ’ but how can any company conduct its business without someone or something touching their network or data?” Verizon Australia and New Zealand Managing Director David Kim said. “Just think how many access points there are on a network and the potential for unauthorized access. Giving the right people access to the right information where and when they need it is paramount.”
Verizon (verizon.com) offers a full continuum of managed security solutions, including advanced security analytics and intelligence; distributed denial of service defense; investigative response; governance, risk and compliance management solutions; identity and access management solutions; and vulnerability management services delivered in the cloud or on premises in more than 50 countries. Visit Verizon’s Enterprise Security Solutions portfolio for more information.