Electronic signature and secure transaction provider, XIRING, announced this week it has joined forces with Cryptomathic to provide an online security solution for the banking and financial services industry.
Together the companies hope to provide banks with the latest technology for identifying banking customers in non-face to face situations, such as on the Internet or on the telephone. By ensuring that online transactions are protected against Internet fraud such as “phishing,” banks allow their customers more frequent access and greater control to their finances.
The non-exclusive partnership integrates XIRINGs Xi-Sign range of EMV based readers into Cryptomathic’s latest scalable hardware-enhanced Authenticator Server. The partnership agreement will also mean that the two organizations will promote each others offers to the market. Banks can choose the XIRING range of devices and the Cryptomathic Authenticator Server to get a complete authentication solution.
The result of the integration is an authentication system that is compliant with the MasterCard Chip Authentication Program (CAP) standard for EMV-cards.
XIRINGs Xi-Sign range of devices, based on the EMV card, include the first product to have successfully passed MasterCards CAP conformity tests in 2004.
“Currently the difficulty for banks and financial institutions has been selecting partners that minimize risk and work together, without incurring huge costs. As the Cryptomathic Authenticator integrates seamlessly with XIRINGs Xi-Sign readers, this will minimize the impact on legacy systems and reduce deployment costs for banks,” said Nigel Reavley, director of sales and marketing for banking at XIRING., in a news release.
According to Forrester Research, the number of e-banking users in Europe is set to rise from 75 million users in 2005 to 130 million users in 2007.