Bank for Foreign Trade of Vietnam (Vietcombank) is rolling out EMV CAP compliant card readers from Gemalto to its corporate Internet banking customers.
The bank has selected Gemalto's Ezio strong authentication server to provide customers with a two-factor authentication system that takes advantage of MasterCard's Chip Authentication Program (CAP) and Visa's Dynamic Passcode Authentication (DPA), both of which are part of the EMV standard.
To access their online banking accounts and make fund transfers, users insert their corporate EMV card into a handheld card reader to generate a one-time password.
Gemalto says the system will provide Vietcombank customers with a consistent and unified way to access services by enabling them to use the same card to pay for purchases, access their online banking services and to be identified by the bank for branch-based transactions.
Dao Minh Tuan, deputy general director, Vietcombank, says: "This solution addresses several of our key concerns simultaneously. We need to secure our online banking services. We want to enhance the customer experience by simplifying access to banking services. And of course, we want to take advantage of existing EMV microprocessor deployments for further purposes."
Local system integrator FPT-IS is working with Gemalto to provide consultation, project management, integration and support.