JSE-listed Trusted Transactions company, Prism Holdings, again excelled in the large enterprise category of this year`s Technology Top 100 Awards.
At the award banquet held in Johannesburg on Wednesday, 23 November, Prism was awarded joint first place in the category of Leader in Research and Development alongside Anglo American.
Prism was further selected as a finalist from among all entries received for the Minister of Science and Technology`s Award which acknowledges overall technology excellence. This award is the highest achievement within the programme and went to Bell Equipment SA.
This year, Prism`s entry focused on advances made by the company in the development of a cryptographic platform on which multiple applications can be built. The Incognito TSM410 (Transaction Security Module) is a cryptographic security device that offers high-performance, high-security services used in Electronic Funds Transfer (EFT) switches and other top-end transaction processing arenas.
According to Alvin Els, CEO of Prism Holdings, security is core to the enabling and processing of trusted transactions and as a result Prism placed substantial focus on relevant and innovative product development in this area.
The TSM410 is key to the enablement of new solutions for the company, specifically the Prism VTU (Voucherless Top-Up) solution, which facilitates the distribution of prepaid cellular airtime by an entrepreneur with a standard GSM handset and access to cellular networks. The VTU system has been sold into several African operators and is attracting much interest globally.
The 410 module is currently used at financial switches, bank branches and for mobile payment and banking security, online prepaid electricity vending and in trusted centres. Overall the product is a business as well as technical success. The module competes well on a technical level with its international peers and from a price perspective it is extremely competitive. The TSM410 is tamper-resistant and complies with ANSI, ISO and the international security certification FIPS (Federal Information Processing Standards).
"Prism is the first company in Africa and the second in the southern hemisphere to achieve the FIPS 140-2 certification. The *FIPS 140-2 certification, a requirement for entry into several markets, including the US and Europe, places Prism within an exclusive group of the world`s top security module suppliers and overcomes a barrier of acceptance that historically has faced products of African origin," he says.
"Achieving this certification offers our customers in various sectors, from retail and banking to telecommunications the assurance that they can use our product with confidence," he says.
Els adds that since achieving the FIPS certification, Prism has seen a 1 000% growth in sales of the Incognito TSM410; this is tremendous growth and the signs are positive that the trend will continue.
In 2005 Prism spent R32 million (2004: R31 million) on continued research and development, which amounts to 11% (2004: 12%) of revenue. The expenditure was primarily focused on chip card developments in the areas of 3G, SIM browsers and USIM, continued certification and enhancement for the Outdoor Payment Terminal (OPT), development of EuroPay MasterCard and Visa (EMV) type approved payment software and ongoing development of payment solutions.
"We are delighted that Prism has been recognised for its commitment to innovative development in a highly specialised field. The TT100 Programme is one of the foremost business awards programmes in South Africa," concludes Els.
* The Technology Top 100 award process identifies and recognises the most technologically excellent large, medium, small and emerging companies in the country for having either developed new and commercially viable technologies or, for having innovatively applied technology to their business for commercial gain.
Run under the auspices of The Engineering Association (SAVI) since 1994, TT100 garners strong support from government - particularly the Department of Science and Technology - and the private sector.
Share
JSE-listed Prism Holdings Limited is a leader in the field of secure electronic transaction products, solutions and services. The group has a strong presence in South Africa and an established and expanding footprint across Africa and South-East Asia.
Prism has a proven track record in the delivery of secure electronic payment technologies and end-to-end solutions for the retail, utilities, banking, cellular and petroleum industries. The group has developed and implemented innovative payment-centric intellectual property that bridges the following technologies:
* Chip cards including SIM cards, financial smart cards and telephone cards
* Point-of-sale frameworks, applications and devices
* OEM transaction modules including PINpads, card readers and self-service terminals
* Transaction security modules and servers
* Payment servers, messaging gateways and value-added-services gateways
* End-to-end secure electronic payment architectures for wired and wireless networks
Editorial contacts