The South African Certification Agency (SACA) and local software developer, Mosaic Software, have joined forces to produce a world leading WAP- (Wireless Access Protocol) enabled banking solution that looks set to revolutionise the local banking industry.
NBS became the first financial institution in South Africa to go live with the WAP product developed by Mosaic Software. This solution enables clients to perform a comprehensive range of mobile banking functions using their cellular phones.
"This effectively opens up e-commerce-type facilities to a vital new market that does not have access to the Internet itself, but can benefit from the convenience of being able to do business on the move," comments SACA marketing executive: e-commerce division, Gerda Venter.
Mosaic Software's product strategy manager: mobile commerce, David Hall, concurs: "Using our WAP Internet Banking solution, financial institutions can offer payment facilities and banking information to cellphone owners anytime, anywhere.
"These clients will be able to use their phones to do money transfers, balance enquiries and bill payments, even in remote areas."
With South Africa boasting a particularly large and fast growing number of cell phone users, the product represents a major technology breakthrough, with NBS setting the pace for further growth in WAP-enabled mobile banking locally.
Software for the product was developed by Mosaic Software, who specialize in electronic funds transfer solutions and is a member of Comparex Holdings e-commerce division.
SACA was selected as its security technology partner to provide Digital IDs and certification services which enable users to reliably authenticate identity in cyberspace and guarantee the security and confidentiality of transactions.
"Basically, what the release of this product means is that fund and data transfers can now be done over GSM cellular networks instead of just over the Internet. However, the same level of digital security is required to protect confidential data and promote trust in the protocol," comments Venter.
"Mosaic Software has incorporated our VeriSign digital solutions to ensure the product is at the leading edge of technology not just in terms of WAP's new functionality, but also in terms of guaranteed application security."
SACA has just recently become the first Certification Authority in South Africa officially able to issue WAP certificates. This follows more than 12-months successful development of a wireless PKI (Public Key Infrastructure) architecture by VeriSign Inc., the world leader in digital certification security for wired Internet users.
As a South African affiliate of VeriSign, this has put SACA in a unique position to offer the wireless e-commerce market here the same vital benefits of encryption, user authentication, verification, data integrity, and non-repudiation of data transfers and transactions already available to digital certificate users in the wired world.
"The success of our joint development with Mosaic Software shows that we are now ready to start expanding this vital new marketplace," says Venter.
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