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February 26, 2015

Gemalto adds tokenisation based payment system to boost security

It will make smartphone based payment systems more secure.

By CBR Staff Writer

SIM card maker Gemalto has introduced new features to its Allynis Trusted Services Hub for facilitating tokenisation based payment system.

The company said that it would provide an integrated solution to make the payment process more secure for banks and payment service providers that are planning to introduce the mobile payment system.

With tokenisation the account information found in cards is replaced with random numbers that can be used to make a payment without disclosing the real account information.

According to Gemalto, it is bringing a complete, modular solution required to enable real-time enrolment of payment cards, simplified on-boarding of business partners, and homogeneous distribution to diverse devices.

The new hub service reportedly offers choice in regards to available security models, Trusted Execution Environment (TEE), covering management of credentials on Secure Elements, and HCE-enabled handsets.

Gemalto Mobile Financial Services SVP Jean-Claude Deturche said: "By converting sensitive card credentials into limited-use digital data, tokenization simplifies mobile services on-boarding process, addresses the real-time provisioning needs that banks have been asking for, and offers more choices towards delivering a better mobile payment experience.

"Drawing on our in-depth mobile security experience, we designed a future-proof and versatile solution to maximize the reach and performance of our Trusted Services Hub on all available devices.

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"Our role is to advise and support our customers through their choice, implementation roadmaps and risk management needs."

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