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Innovation in Financial Services

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.
A post relating to this item from Finextra:

Four banks to trial Visa PIN code cards

10 November 2008  |  16404 views  |  0
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Four European banks are to pilot a new Visa card comprising a display for generating one-time numeric codes for consumers to use when transacting online or by telephone.

One device as bankcard and OTP generator

11 November 2008  |  5756 views  |  2

I have found an image of the VISA PIN card, and generally I like the idea. Today I have to carry a bankcard and a token as well, and I'm afraid of losing one. If this offering is cheap enough, Vasco and RSA can find a new and strong competitor on their own playfield.

On the other hand, today a lot of banks use OTP sent in SMS, which is even more convenient, because i just have to check my phone screen on the desk instead of getting my "PIN card" out of my purse.

VISA PIN Card Tags

Comments: (3)

John Dring
John Dring - Intel Network Services - Swindon | 11 November, 2008, 12:23

On a previous response, I marvelled at the ability to get a OTP display onto/into a credit card, together with battery and keypad! Amazing.  I proposed that RSA (for example) could get the technology onto handsets much easier and do away with the separate token altogether.
Well apparently this is already done (for BB, J2ME, Symbian etc) so I might also look for this option to allow the ditching of my token from my man-wallet.  RSA OnDemand is also an option - its just a server side generated OTP. 

And I found the following video links which show the EMUE unit:
http://lab.emue.com/videos/scenario1_2.wmv
http://lab.emue.com/videos/scenario2_2.wmv

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John Dring
John Dring - Intel Network Services - Swindon | 11 November, 2008, 12:41

Oh, yes, and according to the EMUE video, the cards are made by NagraID in Switzerland:

http://www.nagraid.com/anglais/domains/financial.htm

 

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A Finextra member
A Finextra member | 08 January, 2009, 09:51

I love the idea of getting rid of my token, I love the idea of real transaction authentication, but I'm still worried about Man in the Middle.

A MiM would still be able to use the authentications from this device to transfer moneys into alternative accounts.  So does this actually answer the question, or is it just a very pretty version of the CAP reader?

Looks great, but it'll be expensive & does it really finish the job?

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