Clear2Pay today announced that its authentication product e-Security Pack (eSP) was successfully tested against the MasterCard OneSmart Chip Authentication Program (CAP) specification.
This approval makes it possible for financial institutions to use Net-Bank, ACS and other card products from Clear2Pay with the popular MasterCard authentication program.
CAP is part of MasterCard's SecureCode program, which extends MasterCard's guaranteed payment model to the Internet. CAP is designed to build on the ease of use and security of an EMV-compliant smart card for cardholder authentication through a user's PC. CAP helps provide secure access to online banking services and online purchases via two-factor authentication - with little impact to the overall shopping experience.
Using CAP, cardholders simply insert their standard EMV card (something they have) into a portable reader that is supplied to them by their bank, and enter their PIN (something they know). Each time they enter their PIN, a one time password is generated and is used to authenticate the user over the bank's network. Users can then access their online banking services and make online purchases with additional peace of mind. In addition to reducing fraud, CAP helps to reduce password management costs. This solution is supported by both standalone and connected smart card readers.
eSP is a packaged security component which can be easily integrated with and interfaced into Internet portals and frameworks of existing web applications. Its strength lies in the way it integrates the multiple and necessary security devices in compliance with today's organisation's requirements. As such it has also been integrated in Clear2Pay's product suite such as its internet banking application Net-Bank.
At Cartes 2005 the Clear2Pay team will demonstrate this application, originally developed by EFT, which was recently acquired by Clear2Pay, in co-operation with MasterCard and other Solution Partners. Visitors will be able to test the EMV chip card, issued at the MasterCard booth, by inserting this card into a CAP compliant disconnected card reader to authenticate themselves on the Net-Bank e-banking solution or any other web application via eSP.
"MasterCard partners with leading companies, such as Clear2Pay, to provide its customer financial institutions with the highly secure chip-based cardholder authentication programs needed for e-payment and e-banking channels," said Dr. Toni Merschen, senior vice president, Chip Center of Excellence, MasterCard International. "The MasterCard OneSmart Chip Authentication Program leverages existing EMV infrastructure and extends it into the virtual world."
Patrick Bossaert, sales manager e-Banking and e-Security at Clear2Pay states: "We are delighted that our e-Security Pack successfully tested against the MasterCard OneSmart Chip Authentication Program specification. This solution will help lower entry costs and will provide user-friendly security for online transactions. Our core business is supporting the international financial services industry with leading edge technology, and security is one of the most important aspects today. Compliance and co-operation with world leading players such as MasterCard is imperative for our global clients."