Visa International, Standard Chartered Bank, National University of Singapore, Privylink and Gemplus have announced a joint effort to test advanced methods for secure electronic commerce on multi-application smart cards which provide the best combination of processing speed, cryptographic strength and memory size. These tests will examine an advanced cryptography system developed by Standard Chartered Bank, National University of Singapore and Privylink and a SETTM certificate compression model developed by Visa.
"As we move into a new era where smart card-based banking and payment services will become a competitive focus for banks worldwide, Standard Chartered offers an environment and infrastructure for commercial evaluation of new technologies that will lead the way," says Nicholas Fung, Head of Chip Card Services for Standard Chartered Bank. "Making the most efficient use of chip memory, ensuring the fastest possible processing speeds and creating an environment that encourages flexibility will all be essential in leveraging this new environment in the years ahead."
"This project aims to establish a flexible framework for several cryptographic systems for multi-application smart cards. The results of the tests will also influence the viability of the Visa Open Platform to support multiple cryptography systems economically," says Tertius Steyl, head of relationship card initiatives Visa Southern Africa.
This advanced cryptography system project will investigate the use of a single smart card that can support both RSA and ECC (elliptic curve cryptosystem) calculations in a secure and cost effective manner. RSA is one of the more widely used cryptosystems for digital signatures required for electronic documents while ECC is a new type of cryptosystem that can potentially reduce the demand for memory space of the smart card.
The SET certificate compression model to be tested in this joint effort also aims to reduce the demand for memory space on multi-application smart cards. The project is expected to be completed by the end of 1999. Results of the tests will provide direction for Standard Chartered`s development and implementation of more powerful, comprehensive and secure electronic commerce solutions for their Visa Open Platform smart cards.
"Visa will integrate the findings of these tests into its development of the next generation of smart card-based electronic commerce standards for the benefit of all Visa Member financial institutions worldwide," adds Steyl.
"Standard Chartered has shown a strong commitment to working with Visa in the development of new technologies that will enhance smart card-based secure electronic commerce offerings to our Members worldwide," says Mark Cullimore, Director of Emerging Technologies, Visa International Asia-Pacific. "We welcome this new initiative in support of Visa`s Open Platform."
"This advanced cryptographic technology developed by NUS researchers aims to benefit the entire financial industry. The University is pleased to have this opportunity to work with Standard Chartered Bank and Visa to apply the fruits of our research to smart cards," says Professor Chong Chi Tat, Deputy Vice Chancellor, NUS.
These technological developments will further enhance the knowledge base for secure smart card-based electronic commerce. The advanced cryptographic technology demonstrated in these tests could also be applied to the security of other value-added services on multi-application smart cards.
"A smart card is meant to enable its owner to conduct secure financial transactions. This project is significant because it extends all the benefits and more into the electronic world," says Chou Fang-Soong, Executive Vice President of Gemplus.
"Privylink is proud to be part of this significant effort and contribute to the evolution of payment and electronic commerce offerings and standards of the future. I am confident that the findings of this project will accelerate the adoption of electronic commerce," says Dr Lam Kwok-Yan, Founder of Privylink.
Singapore, a leading financial and technology hub in the Asia-Pacific region, was chosen to be the home of this joint effort because the Republic offers a conducive environment for piloting state-of-the-art financial applications and with excellent service and R&D infrastructures.
Notes To Editors
As the World`s Best Way to Pay, Visa is the leading payment brand and the largest consumer payment system worldwide with more volume than all other major payment cards combined. Visa plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa has more than 70 smart card programs in 33 countries and on the Internet, with 23 million Visa chip cards, including over 8 million Visa Cash cards. Visa is pioneering SET Secure Electronic Transaction(tm) programs to enable and advance Internet commerce. There are more than 620 million Visa-branded cards, which generate over US$1.2 trillion in annual volume. Visa is accepted at more than 15 million worldwide locations, including at over 450,000 ATMs in the Visa Global ATM Network. Visa`s Internet address is www.visa.com.
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