In the past Voca used physical safes to store more than 800 administrative passwords, relying on a team of staff to authorise, track and administer them.
The Network Vault software, from Cyber-Ark, creates an electronic vault or "safe haven" within the Voca network for storing passwords.
Voca, which processes the nation's salaries and direct credits, decided to update its system for managing staff passwords after it installed an IP-based corporate network for sending payments. Voca's 100,000 business customers have until the end of 2005 to upgrade their Bacs connection software before the old network is switched off.
"In 2004, Voca processed more than 4.5 billion items, amounting to nearly £3 trillion of payments - £11bn daily," said Keith Reeve, manager certification authority and access control at Voca. "With that amount of administrative passwords it was essential and timely to introduce a digital password management system which was reliable, simple to use and trustworthy.
"We needed a system that would integrate with our existing operational and security processes while offering unequivocal resilience, auditing capabilities and, most important of all, high levels of security."