Rambus Inc. (NASDAQ: RMBS) a leader in digital security, semiconductor and IP products and services, today announced that Bank Islam Brunei Darussalam (BIBD), the largest bank in Brunei, has selected the Rambus Token Service Provider (TSP) as part of its mobile payment strategy to enable secure transactions to its customers.
As Asia has seen a proliferation of digital payment solutions in recent years, the need to secure digital transactions has become critical to a bank’s success. With the rise of solutions such as QR-based payments, NFC (near field communication), host card emulation (HCE) and real-time payments, consumer trust has become critical to success, with security and fraud prevention more important than ever to businesses and end-users alike.
Payment tokens help minimize fraud
The Rambus TSP solution helps secure the BIBD NEXGEN Mobile banking app, allowing customers to digitize their cards and send payments, without revealing any sensitive payment information. The Rambus software platform will replace cardholders’ details with unique reference numbers to minimize the risk of fraud and the severity of data breaches. Unique payment tokens are worthless if stolen.
Tokenization and host card emulation support secure payments within BIBD NEXTGEN Mobile app
By generating temporary personal account numbers (PANs), or payment tokens, the Rambus solution is a modular platform that combines tokenization with HCE to enable payment issuers and processors to securely perform a wide variety of roles in the payment process. Using HCE and tokenization, BIBD will enable their cardholders to securely pay using their mobile app.
“We’re delighted to be selected by the largest bank in Brunei to secure mobile payments for BIBD’s customers,” said Chakib Bouda, vice president and CTO, Rambus Payments. “This collaboration reinforces our leadership in mobile payment and tokenization technologies. It also marks significant progress in our efforts to expand into the Asian marketplace that is seeing a boom in digital payment solutions.”
“As the security of our customers is our highest priority, we are pleased to announce our collaboration with Rambus to enable our customers to pay safely and securely with their mobile devices,” said Dr. Gyorgy Ladics, COO, BIBD. “While digital payment methods grow exponentially in the marketplace, customers are becoming increasingly mobile-centric; therefore, it’s imperative to facilitate mobile transactions in a hassle-free and secure manner, providing the ultimate ease of mind for our customers.”