WISeKey and The Bancorp, Inc. ("Bancorp") TBBK +1.59% have signed a memorandum of understanding to establish a joint venture to deploy and secure financial services internationally via the WISeID platform.
Bancorp and WISeKey reached an agreement that would result in the integration of WISeKey's Digital Identity Management platform into Bancorp's technology infrastructure. This will grant Bancorp customers -- both individuals and organizations - trusted identities, enabling them to complete online transactions with confidence, trust the identities of others, and the identities of the infrastructure on which the transactions run. Certain procedural steps regarding the formation of the joint venture remain subject to finalization among the parties.
The parties shall deploy combined WISeID Bancorp applications and solutions in the USA, EU, and China. At present, the collaboration includes the development of:
-- A full Public Key Infrastructure (PKI) for Bancorp including a globally trusted Certification Authority under the framework designed by the White House National Strategy for Trusted Identities in Cyber Space.
-- A private-label mobile application and service platform that provides Near Field Communication (NFC) payment functions, pre-paid services capabilities, e-coupons, targeted advertising, as well as the management of and access to personal data by users.
Carlos Moreira, Founder and CEO of WISeKey said, "Together with the International Organization for the Security of Global Transactions (OISTE) Foundation, we are very happy to cooperate with Bancorp to create the trusted infrastructure required to provide millions of people with an interoperable 'environment' for identification, authentication, and authorization during the course of online transactions. This cooperation goes in line with WISeKey's commitment to the Clinton Global Initiative ( http://goo.gl/F0RW3 ) to provide one billion digital identities with prepaid capabilities by 2015."
Frank Mastrangelo, President of Bancorp said, "The Bancorp Bank is 'Changing the Way America Pays(TM)' and now with relationships like WISeKey we are extending our services to the world. We will improve payment processes using WISeKey's world class security and authentication technologies. We will introduce new user-friendly, prepaid payment systems. Our new Joint Venture will offer WISeID-Bancorp clients prepaid solutions that reduce expenses, streamline processes, and add value to their products and services."