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News

Mobile Money Transfer Security Solution

Valimo Wireless : 04 May, 2010  (New Product)
Joint project between Valimo Wireless and Trivnet brings improved security to mobile users wishing to perform money tranfers while on the move
Valimo and Trivnet have announced plans to demonstrate a mobile money transfer solution utilizing Valimo's Mobile ID technology to deliver highly secure mobile financial services.

International laws regulate money transfers with strict demands for strong authentication of transaction parties. The combined solution, with its powerful identification that helps to stop fraud and money laundering, will be demonstrated at the Mobile Money Transfer Africa 2010 Conference and Expo this week in Nairobi.

"Our partnership with Valimo will enable the highest level of end-to-end security available for Mobile Financial Services", commented Amit Mattatia, CEO of Trivnet. "With our joint solution, Mobile Network Operators are now able to offer the most comprehensive suite of secure MFS, including payments and remittance, commerce and banking based on Trivnet's powerful transaction management platform, while ensuring utmost privacy and security."

"In addition, our joint mobile money transfer solution is ideal for developing markets, which often have immature financial infrastructures and very few local bank branches. For the unbanked and underbanked, the solution offers an opportunity to handle financial transactions and make large payments or money transfers overseas conveniently and securely. Valimo's Mobile ID solution can also be used by several users sharing one device and is thus as convenient as a shared solution in remote areas. It is also future proof and can complement requirements when mobile bank customers start making savings and investments", said Juha Murtopuro, CEO of Valimo.

Mobile ID users are able to securely log in to online services, sign documents and confirm transactions by using their mobile phones. As people typically have their mobile phones with them at all times, a legally binding digital signature is easily done regardless of time or place. As the applications are on the SIM card, they work with all GSM devices with a SIM card.

Valimo Mobile ID can be used for all services that require personal authentication, identification or a legally binding signature. It is based on Public Key Infrastructure (PKI). Valimo is the global market leader in Mobile ID solutions in terms of both installation base and number of active users. Valimo solutions are used by operators, banks, enterprises, public sector, e-commerce and other service providers throughout the world.

Valimo mobile signature can be used with all mobile phones and devices with a SIM card or other secure storage inside. The resulting safe and reliable digital authentication replaces various tokens, password and code lists. When using an online service requiring authentication or digital signing, the request is sent to the user's mobile phone using secured SMS technology. The message pops up on the phone screen, asking the user to confirm his or her identity or approval by entering his or her personal PIN code. If the device is lost or stolen, the services cannot be accessed without re-entering the PIN.

Valimo and Trivnet will showcase mobile money transfer solution with strong user authentication at the Gemalto stand at the Mobile Money Transfer Africa 2010 Conference and Expo in Nairobi, Kenya 4 - 7 May, 2010.
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