ABnote, a leading global card manufacturer and provider of Near Field Communication (NFC) and Trusted Service Manager (TSM) based solutions, announced today it will integrate its existing TSM service with SimplyTapp's Host Card Emulation (HCE) platform, creating the payment industry's broadest offering of secure, cloud-based NFC solutions.
The combined service will be hosted securely within ABnote's certified global network of data centers, and will support both standard Secure Element (SE) cloud implementations and token based solutions. This service represents the first of its kind, allowing traditional retailers and financial institutions to compete through innovation with companies such as PayPal and Stripe. The combined HCE offering will be launched on April 1, 2014.
John Ekers, ABnote's Global CIO said, "After meeting the SimplyTapp team we quickly knew this to be a great fit. Their solution is a natural extension to our global network of certified TSM's, and is consistent with our strategy of employing open architecture based technology, for maximum interoperability.
Their secure cloud-based SE model offers us the ability to create a truly competitive pricing landscape, with support for multiple network and device configurations like offline tokens, benefiting consumers, issuers and mobile network operators alike. And because this is an Android platform, it's already adopted by MNO's, providing issuers with a faster, more secure and easier way to manage essential cardholder credentials."
Doug Yeager, SimplyTapp's CEO commented "Extending a new breed of payment technology in this market, we built our open platform to provide tools for developers to integrate into their core offerings, enabling innovative mobile solutions. The relationship with ABnote is just what we envisioned. With both a retailer and financial institution focus, their secure cloud-based SP TSM and dedicated mobile development team, as well as their stellar reputation and global presence, will undoubtedly result in a combined offering that will meet both the technical and pricing needs of many issuers for powerful and affordable NFC technology."
In light of recent security breaches, the solution represents a two for one solution for financial institutions and retailers' closed loop, decoupled debit, and open loop p payments. This will allow them to move into a more secure model than magnetic stripe, and at the same time satisfy mobile payment initiatives; all while leveraging existing infrastructure.