Nigel Walsh and Ian Booth, who co-founded The Software Partnership - one of Europe's most successful on-line banking software companies in 1980s and 90s, will now be leading Cronto's European sales and marketing efforts.

Walsh and Booth commented: "One of the key problems in on-line banking has always been how to implement strong security without inconveniencing the customer.

The recent move by some UK banks to issue their customers with hand held chip card readers to authorise internet payments is a typical example of a solution built by security specialists without properly considering customer needs. Card readers are bulky devices, complicated to use and, not surprisingly, unpopular.

Cronto's unique solution to the same problem uses the camera in your mobile phone or a 'key ring' camera tag to decode a visual cryptogram which secures internet banking transactions without the need to carry around fiddly and bulky card readers or authenticators.

We are both really excited about this breakthrough and predict a very bright future for Cronto. This is a global problem and Cronto has developed a solution that will work anywhere."

Igor Drokov CEO at Cronto welcomes this experienced team: "Nigel and Ian really understand the business drivers in the electronic banking market and we are very pleased to have this opportunity to work together. Cronto has a unique product offering and combined with proven sales and marketing skills we anticipate great success."