Thales today announced that its combined PaySentry hardware security module with EigerPAY Gateway from Eiger Systems has been approved by BACS for use with BACSTEL-IP, the new high-speed online payment and collection system. The combination of these two products will allow high volume users and bureaux to benefit from the new BACSTEL-IP automated submission service. Thales has introduced the PaySentry solution to set new standards in ease of use and in security - PaySentry is the only such device to be approved to the FIPS standard at the highest level of security.
BACSTEL-IP provides the UK with the most advanced, flexible and cost effective system for electronic payment submission anywhere in the world. It is the first phase of the ambitious technology renewal programme NewBACS, which includes the replacement of the BACSTEL technology by 31 December 2005. BACSTEL is responsible for processing over four billion payments from and to 100,000 UK businesses every year. The NewBACS programme will introduce IP technology and a multi-layer security platform with expanded BACS functionality in the future to meet the growing demand for efficient and secure online transaction services.
Thales is already deeply involved in the BACSTEL-IP rollout as its SafeSign(tm) system forms the security backbone for the BACSTEL-IP system, verifying digital signatures and authenticating users. BACS uses SafeSign for the provision of real-time verification of the PKI (Public Key Infrastructure) Smartcard identities, issued to users by the banks, and to check the digital signatures on all payment files submitted to BACS.
For BACSTEL-IP users, BACS is ensuring that all systems, such as PaySentry, pass a rigorous testing and approval process. High volume users may find it advantageous to submit transactions automatically and to achieve this they will need to incorporate a hardware security module into their payment processing infrastructure to ensure the cryptographic keys are stored securely.
PaySentry's ease of use stems from its dedicated graphical user interface that allows the user to manage the security tokens quickly and simply. Thales has also designed PaySentry so that it can be preconfigured which makes it far easier and cheaper to install. Finally, PaySentry users will benefit from a higher degree of internal fault tolerance.
David Sear, Director at BACS, said: "BACSTEL-IP is a significant milestone for BACS that improves automated payments for businesses in the UK. Having worked closely with Thales in the incorporation of their SafeSign system within BACSTEL-IP, we are extremely pleased that they have continued to show their commitment to the new system with the introduction of PaySentry. We are therefore delighted to be able to grant approval to Eiger Systems for EigerPAY Gateway in conjunction with PaySentry."
Paul Meadowcroft, Head of Transaction Security of the e-Security activities of the Thales Group, said: "As a leading provider of hardware security modules to the world's banks, Thales is confident that the PaySentry system offers the most effective solution on the market for BACSTEL-IP. We know that users will want a system that is easy to use and extremely flexible and have designed PaySentry with this in mind. As active participants in and supporters of the BACSTEL-IP initiative, we are pleased to provide our continued commitment to its success through the introduction of PaySentry."
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