Xiring, the security solutions provider for remote transactions, announces today that its remote card authentication solution is the first of its kind to be CAP 2007 / APACS certified.
This key milestone in XIRING's product strategy will enable the company to start massive deployment in the UK.
Based on MasterCard Chip Authentication Program (CAP), endorsed by Visa as "Dynamic Passcode Authentication", APACS has defined the national UK standard specification available to all UK banks to secure online banking services and e-commerce. This standard is based on two-factor authentication solutions used with EMV banking cards. XIRING has actively participated in these specifications thus supporting the Remote Card Authentication technology. XIRING's Remote Card Authentication solutions are already used by 2 million online banking users in Europe.
The first MasterCard CAP 2007 certification for APACS was delivered to XIRING for its Xi-Sign 4000, a pocket-size portable, unconnected smart card reader that allows customers to log-in to their online bank services securely. This solution helps to ensure that the person conducting business online or over the telephone is the genuine cardholder and is authorised to make the transaction.
"By increasing consumer confidence in internet banking and encouraging more transactions to take place online, banks can significantly reduce operational costs at individual branches. By leveraging the inherent security of the customer's existing EMV chip embedded bank cards, these readers afford users the highest levels of personal authentication for accessing banking services remotely", says Nigel Reavley, Bank Sales Director at XIRING.
XIRING is currently working with major UK banks on their remote card authentication programmes.
"This first certification places XIRING once more as the technology leader. The UK is the first European country to widely deploy the international authentication standard defined by VISA and MasterCard. All European countries currently deploying the new EMV bank card scheme are expected to follow." says Georges Liberman, XIRING CEO and Chairman.