SYS-CON MEDIA Authors: Yeshim Deniz, Doug Masi, Mat Mathews, PR.com Newswire, David Smith

News Feed Item

G&D Chosen by CIBC as Trusted Service Manager for Mobile Payments in Canada

MUNICH, Germany and Toronto, Canada, Dec. 12, 2012 /PRNewswire/ - Giesecke & Devrient (G&D), a global market leader in secure technologies, is serving as the Trusted Service Manager (TSM) for the Canadian Imperial Bank of Commerce (CIBC) in their offering of NFC credit card payment services to their customers. G&D's TSM service will securely download and provision the CIBC Mobile Payment Application and the credentials required for contactless payment transactions using NFC-enabled smartphones, in line with global best practices for ensuring secure NFC transactions for consumers. The TSM service is managed from G&D's fully certified North American TSM datacenter located in Toronto, Ontario.

CIBC has launched its mobile payment solution in Canada, allowing Canadians to pay for small ticket items with their CIBC credit card at participating retailers using their NFC-enabled smartphone.

G&D's Service Provider TSM (SP TSM) solution, the NFC Service Manager™, offers the required scalability and flexibility to deliver secure mobile contactless payment functionality for multiple payment associations across Canada. The TSM datacenter being used to support this functionality provides secure remote management of secure elements, applications and keys for the handling of credentials for payment transactions via a mobile device, as well as full end-to-end solutions for NFC, including issuance and lifecycle management. Collectively, these capabilities ensure that consumers can use NFC payments with confidence, knowing that all information used to process payments is managed securely.

"Given our well-established relationships with Canadian banks and mobile network operators, G&D is uniquely positioned to fulfill the required role within the Canadian mobile NFC ecosystem as the trusted third party required to securely provision consumer credentials and payment applications," said Michael Kuemmerle, Group Executive Mobile Security and member of G&D's Management Board.

About Giesecke & Devrient
Giesecke & Devrient (G&D) is a leading international technology provider headquartered in Munich, Germany. Founded in 1852, the Group has a workforce of around 10,500 employees and generated sales exceeding EUR 1.64 billion in fiscal 2011. 58 subsidiaries and joint ventures in 32 countries ensure customer proximity worldwide.

Over 150 countries place their trust in G&D solutions when producing and processing their banknotes. The company primarily supplies central and commercial banks, cash-in-transit companies, and security printers with innovative technologies that render the cash cycle efficient and secure. G&D bank and SIM cards are used all over the world to make payments and telephone calls. As an end-to-end provider of smartcard and mobile security solutions, the Group develops and distributes hardware, software, and services to a client base that includes banks, mobile network operators, transportation companies, business enterprises, and original equipment manufacturers (OEMs). Governments and public authorities turn to G&D for passport, ID card, and border control systems, ensuring reliable identity verification right around the globe. For more information, please visit: www.gi-de.com

SOURCE Giesecke & Devrient

Image with caption: "CIBC's mobile payment solution allows Canadians to pay for small ticket items with their CIBC credit card at participating retailers using their NFC-enabled smartphone. (CNW Group/Giesecke & Devrient)". Image available at: http://photos.newswire.ca/images/download/20121212_C8283_PHOTO_EN_21875.jpg

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.