CIBC chooses Giesecke & Devrient as Trusted Service Manager for mobile payments in Canada
Munich, Germany & Toronto, Canada – Giesecke & Devrient (G&D), a global provider of 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 near field communications (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 data centre located in Toronto, Ontario.
CIBC has launched its mobile payment solution in Canada. This allows holders of a CIBC credit card to pay for small ticket items at participating retailers in Canada using their NFC-enabled smartphone.
G&D’s Service Provider TSM (SP TSM) solution, the NFC Service Manager™, reportedly offers the required scalability and flexibility to deliver secure mobile contactless payment functionality for multiple payment associations across Canada. The TSM data centre being used to support this functionality provides secure remote management of secure elements, applications and keys for the handling of payment transaction credentials via a mobile device. It also supports 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 fulfil 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 (pictured above), group executive, Mobile Security and member of G&D’s Management Board.
Giesecke & Devrient (G&D) is an international technology provider headquartered in Munich, Germany. Founded in 1852, the group has a workforce of around 10,500 employees and generated sales exceeding EUR1.64 billion in fiscal 2011.