IDEALINVENT and Prime Factors Partner to Bring a Comprehensive EMV Card Management Offering to the Global Market
Innovative banking system providers agree to jointly offer cryptographic payment card management capabilities integrated with ConnectCore next generation banking platform. ConnectCore customers may now extend their use of the platform to include secure magnetic stripe &integrated chip smart card personalization and issuance.
(PRWEB) June 30, 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 data center managed by an IDEALINVENT 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-and 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.”
IDEALINVENT Technologies Pvt. Ltd is headquartered in Bangalore, India with subsidiaries in Sweden, Lithuania, and Singapore. The company caters to the Banking and Financial Services Industry providing superior products, consulting and solutions to the sector. IDEALINVENT’s banking platform, ConnectCore™, is focused on providing comprehensive solutions to next generation banks. Other product suites from IDEALINVENT include DataMatrice™, a unique Data Management Application for banks, QuantumLeap™, a differentiated consulting offer, and B-SaaS™, a cloud-based offering of banking software as a service.
About Prime Factors
Prime Factors, Inc., develops and markets enterprise encryption and centralized cryptographic key management platforms for integration into enterprises applications. It serves clients primarily in the financial industry, as well as in high technology, healthcare, manufacturing, and retail. In addition to BCSS, other product lines include EncryptRIGHT®, a general purpose data encryption, tokenization, and cryptographic key management platform, and Psypher Suite® for data encryption for EDI. The company was founded in 1981 and is based in Eugene, Oregon.
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