July 2, 2014 - Idealinvent, provider of Next Generation banking systems, and Prime Factors, provider of cryptographic data protection platforms, today announced a strategic partnership to introduce the latter's Bank Card Security System (BCSS) and its Card Security and Personalization capabilities into the former's ConnectCore - Card Management offering.
The combination ensures ConnectCore customers around the world that critical cryptographic payment card issuance functions are completely secure and sufficiently broad to address their needs.
Prime Factors, known for addressing the cryptographic needs of data centers for over thirty years, developed the Visa Pin Control Software that VISA deployed to over 120 VisaNet members worldwide in the 1980s. Building on that early success, the company developed BCSS specifically to support banks and financial institutions' magnetic stripe and integrated chip (IC) smart cards. The latter are required for compliance with the PCI EMV standards, known colloquially as "chip&PIN;" in many countries. BCSS is now used around the world by card issuers and card personalization service bureaux as the cryptographic key management and card personalization parameter management system for the issuance of millions of cards each year.
IDEALINVENT's Card Management offering is a part of their next-generation banking platform ConnectCore. The ConnectCore platform was designed based on the insights of the company's think-tank and governance center based in Stockholm, Sweden. Current customers are supported from a hosted data center managed by a partner, with additional customers queued to start processing later this year. Besides the Card Management offering. ConnectCore has a comprehensive SOA-based core banking product for Retail banks, payment hub, as well as an integrated multichannel front office product supporting solutions for Online banking, Mobile devices, Branch and Agent banking.
Mridul Kumar Nath - IDEALINVENT's head of Alliances and Partner strategy, comments: "This partnership is one of the key steps we have undertaken to bring to market an end-to-end Card Management offering. Prime Factors is an ideal choice to provide the Card security functionality in our ConnectCore - Card Management offering as they are cryptographic data protection experts and a leader in the payment card security market."
"We are delighted to join with IDEALINVENT as they work to address their customers' critical revenue generation and data protection needs," says Prime Factors' head of Product Management & Marketing, Jeff Cherrington. "Our platform is designed for just such purposes, to quickly & easily integrate needed magnetic stripe and EMV-compliant card issuance capabilities, particularly the PCI required integration with complex hardware security module (HSM) interfaces, into existing applications."
