AN ACCELERATED REVOLUTION IN DIGITAL PAYMENTS
Payments are going through a revolution in most parts of the world. The Pandemic has fast-forwarded the adoption of all kinds of new digital payment schemes, while the use of traditional payment methods, such as debit/credit cards and electronic transfers, has continued to expand at an accelerated pace, fueled partly by the explosion in e-commerce transactions. Electronic wallets, dedicated payment Applications and P2P payment platforms, among others, have also seen their number of users and transactions grow exponentially. The era of cash could finally be over in many parts of the world and digital payments have become a central part in the lives of most human beings. And all of this is based around the trust in digital payment schemes.
COMES TOGETHER WITH AN EXPANSION IN DIGITAL FRAUD
Unfortunately, this accelerated expansion in digital payments has come in tandem with an equally expansive growth in the number and type of digital fraud attacks, that are seriously affecting the bottom line of many financial and retail organizations of all sizes, and more importantly: eroding the ever more vital trust of many users. Therefore, the Security Infrastructure that underpins Digital Payments musts adapt to the technology schemes that accommodate the type of growth needed to deal with this expanded fraud threat, and join the Cloud Computing paradigm that is already powering many other key elements in payment technology.
WITH THE EXPECTED AND REQUIRED ADAPTATION IN REGULATIONS THAT HELP CURB DIGITAL FRAUD
In light of this required paradigm shift, industry regulators are expected to formally approve and certify the first Cloud Computing Service designs for Payment Security infrastructure (Encryption and Key Management) very soon. Until now, a space that has consisted strictly of “in-premise deployments”, where each financial institution managed their own payment security infrastructure. However these new regulations still consider that financial institutions must retain control over their cryptographic key material.
ENTER VERISEC 10XTRUST, SPECIFICALLY DESIGNED FOR THE NEW ERA OF PAYMENT SECURITY
In this new era, Financial institutions require a Cloud Payment Security Infrastructure Service that will require minimum changes to their current application environments, while still delivering high performance with no extra latency, together with advanced AI-powered real-time fraud detection capabilities. All based around a cost model tailored for their on-demand usage needs. With simplified key management processes and full compliance with all relevant standards, such as PCI.
In summary: what is required is a Payment Security Infrastructure platform that can be 10 times more scalable, 10 times more secure, 10 times more flexible and 10 times simpler to use.
This is what we are developing at VERISEC, and we call it VERISEC 10XTRUST
Tech stack specifically designed to deliver Cryptography Services that enable Trust for users and financial organisations, at the 10X Scale required by Business today.