Friday, 21 February 2014
SecureKey Chosen by ROYAL CANADIAN MINT to Authenticate MintChip Digital Currency Consumers
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. Thebriidge.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.
SecureKey briidge.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.netConnect 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.