Croatian financial services firm MBU is using Proton World technology to develop a secure chip and token-based end-user platform for online transactions, purse and loyalty functionality.
Giesecke & Devrient, a technology firm headquartered in Munich, has integrated the specific requirements of MBU into the StarProton R3 product. In the future, these requirements will be migrated to the StarProton Prisma multi-application platform, specified by Proton World. The cards used in the project feature the Proton electronic purse, loyalty functions and compatibility with Vasco's Digipass secure product.
Sergio Uran, MBU's general manager, says the project "combines and illustrates multiple new application functions of the bank chip card". These include authentication using Vasco's real-time and one-time password generation and secure storage of the ISO2 magstripe information in the chip and retrieval during ATM & POS debit & credit transactions.
Uran continues: "This is already significantly reducing the magstripe skimming fraud. The e-purse offers low-cost and highly secure off-line transaction processing and loyalty retail applications."
A demo project, including Vasco's Digipass 850, will begin shortly. The system will be shown to all of MBU's member banks and later offered to customers of interested Croatian financial institutions.