Ensures Fast, Easy and Secure Cash-Like Payment Experience Using
Digital Currency and Smart Devices
SecureKey, the leading provider of trusted identity networks, today
announced that its briidge.net Connect™ Platform has been chosen by the
Royal Canadian Mint to provide device-based multi-factor user
authentication for its new MintChip cloud-based digital currency. The
briidge.net Connect Mobile SDK built into the MintChip consumer mobile
app, combined with the briidge.net Connect service, will enable
consumers to make cash-like MintChip payments using their smartphones
and other mobile devices more conveniently and securely than current
contactless payment card transactions.
“SecureKey offered us a robust multi-platform solution that delivers a
very high level of device security while providing MintChip consumers
with a convenient, familiar payment experience,” said Marc BrÛlÉ, chief
emerging payments officer at the Royal Canadian Mint. “SecureKey’s
experience in providing strong, unobtrusive local device authentication
was another key factor in our decision. We look forward to working with
SecureKey to help ensure the success of the next pilot phase of our
MintChip digital currency.”
The briidge.net Connect Mobile SDK embedded in the mobile app allows the
MintChip system to positively identify the mobile device connecting to
the consumer cloud account through a unique device ID. Prior to a
payment transaction, the software authenticates the user by their
4-digit QuickCode PIN. This QuickCode is like a debit or credit card
PIN, but instead of being limited for use with just one card, the
QuickCode can be easily extended across the user’s preferred devices for
added convenience. The briidge.net Connect service is easily adaptable
to all forms of existing and emerging hardware-based security and can be
applied to laptops, desktop PCs, mobile devices and even wearables to
support payment of purchases made online and in-store.
“We are excited to be supporting the Royal Canadian Mint on this
innovative digital currency initiative. It offers an excellent example
of how our briidge.net Connect service can make the benefits of strong
multi-factor authentication available in an extremely friendly way for
consumer-facing mobile apps,” said Charles Walton, CEO at SecureKey.
“Instead of confronting the complexity of keys, certificates and other
inconveniences, MintChip consumers will simply enter their QuickCode PIN
on their mobile device to authenticate to their MintChip cloud account.”
Developed by the Royal Canadian Mint, MintChip is a secure protocol for
holding and transferring digital value. MintChip has many of the
attributes of real cash: its transactions are instant, irrevocable, easy
and inexpensive for both consumers and retailers. And unlike other
digital currencies, MintChip value is denominated in Canadian dollars.
The MintChip technology can be also easily adapted for use with any
recognized national currency.
SecureKeybriidge.net Connect is a cloud-based multi-factor
authentication service platform providing the strongest level of
security available today, while delivering a simple user experience.
Through the briidge.net Connect Mobile SDK for mobile applications,
users can enroll their devices with the briidge.net Connect service as
strong “what you have” factors for authentication. The platform is
designed to support all in-market devices today, enabling strong
security across all delivery channels.
SecureKey also announced that it will present a live webinar on current
trends in digital currency at 12:00 p.m. ET on March 27, 2014. The
webinar, entitled “Banking 2020: mCommerce, Virtual Money, and Privacy.
Are you ready?,” will be presented in conjunction with American Banker
and The Royal Canadian Mint. For additional information and to register,
please visit http://hub.am/1bGhKEh.
SecureKey is the leading provider of cloud-based, trusted identity
networks that reduce the burden, cost, and risks associated with user
authentication. The company's federated authentication solutions ensure
that users are properly authenticated regardless of the service, device
or credential they prefer to use. Organizations can quickly and easily
deliver high-value online services to millions of consumers and citizens
with improved transaction privacy, simplicity, and convenience.
SecureKey is headquartered in Toronto, with offices in Boston,
Washington D.C., and San Francisco. The company is backed by a
world-class group of venture and corporate investors. For additional
information, please visit www.securekey.com.
Corman Communications, LLC
Patrick Corman, +1-650-326-9648
Sarah Douglas, 416-477-5625 ext. 5135
Source: SecureKey Technologies Inc.