Caradas and XIRING Join Forces to Secure e-Commerce
Strategic Partnership Promotes Smart Card-Based e-Payments
BRAINTREE, Mass. and SEVRES, France, Oct. 15 /PRNewswire/–Caradas, Inc., a leading provider of smart card authentication technology, and XIRING, a global provider of smart card based-security solutions, today announced a strategic partnership to further increase consumer and merchant confidence in e-commerce payments through the use of smart cards. As part of the joint sales, marketing and distribution agreement, Caradas will integrate its Connexus™ authentication platform with XIRING’s range of smart card readers, providing a suite of authentication solutions that meet the diverse needs of a global marketplace.
Initially, Caradas will integrate its Connexus Platform with XIRING’s Xi-Sign™ cardholder authentication solution to support MasterCard’s SecureCode initiative. SecureCode provides a standard, interoperable method of passing accountholder authentication data among issuers, merchants, and acquirers. The combination offers financial institutions a single authentication solution they can deploy to take full advantage of the inherent security of smart cards for securing Internet payments, eBanking financial services and restricted Web-based services. The two companies will then expand their offering to include additional applications.
“Our combined solution authenticates the payer in an e-commerce transaction to a similar degree as a payer in a traditional face-to-face transaction,” said Charles Walton, president and CEO of Caradas. “Together, XIRING and Caradas are helping issuers and merchants drive increased card usage while minimizing fraud and the costs associated with it.”
“By providing a consistent and secure cardholder authentication method across channels and products, Caradas and XIRING give banks a clear competitive advantage in their total customer delivery strategy,” said Georges Liberman, president and CEO of XIRING. “Now, any financial institution can deploy a single solution to secure Internet payments, eBanking financial services and restricted Web-based services.”
The Connexus Platform is the first end-to-end solution for seamlessly integrating new and existing applications and security infrastructures with a broad range of identity, credential, access and relationship management frameworks based on smart cards, PDAs, wireless devices and other intelligent tokens. Using the Caradas Connexus Platform provides a universal platform for smart card-based authentication services across all channels. The Connexus platform easily integrates with the issuer’s legacy systems, including card management, personalization and account management as well as with their new virtual channel applications.
Based on a pocket-sized, stand-alone smart card reader, the XIRING Xi-Sign authentication solution can be used to authorize and/or secure electronic payments. Using the built-in cryptographic capabilities of the smart card, the Xi-Sign reader generates a dynamic digital signature for authenticating the cardholder during the payment process. The same technology can control access to home banking applications and sign transactions such as money transfers, stock trades and bill payments. Xi-Sign works with existing smart cards such as MasterCard and Visa EMV credit and debit cards.
XIRING offers smart card-based solutions to secure transactions. In partnership with major institutions (Visa, MasterCard, PWI and others), XIRING develops solutions for authentication, digital signature and secure payment. XIRING is also the worldwide leader of electronic purse readers with four million readers in use daily in more than 20 countries around the world. XIRING shareholders are Schlumberger, Chequers (Charterhouse/HSBC), Pechel Industries and Natexis. For more information, visit XIRING at http://www.XIRING.com.
Caradas, Inc. is a leading smart card application and credential management platform provider to the financial services industry, working with customers in growing their revenues, making them more profitable and competitive. Caradas offers the Caradas Connexus Platform for smart card application integration, along with a suite of solutions and services to define and implement secure application infrastructures, including MasterCard’s SecureCode solution for EMV. Caradas is headquartered in Braintree MA, hosts Caradas Labs™ in Burlington MA, and has regional offices in the San Francisco and Washington DC areas. Caradas team members are acknowledged thought leaders and experts in applying smart card and security technologies to financial services application infrastructure.
NOTE: Connexus and Caradas Labs are trademarks of Caradas, Inc. Xi-Sign is a trademark of XIRING. All other products and services mentioned are trademarks of their respective companies.