The new service enables keys, certificates and NFC credentials to be stored securely in a remote location, rather than in the mobile device, is fully compatible with standard EMV contactless payments terminals and enables card issuers to deploy NFC solutions without the need to partner with mobile network operators or other third parties.
The platform is commercially available today and has already been deployed “at a leading bank in one of the most advanced contactless payment regions in the world.”
When a consumer makes a transaction using Bell ID’s solution, their NFC credential is accessed from a remote secure element, located in the cloud. This then generates the appropriate command for the transaction and sends it back through the mobile device to the merchant’s point-of-sale terminal writes Sarah Clark.
“The data is presented in the same format as that used in standard card-present transactions,” says Bell ID. The solution works with both standard contactless terminals and acceptance infrastructures.
The secure element in the cloud platform can also be used to pre-authorise payments, allowing consumers to make transactions even when a connection to the server cannot be established.
The direct access offered by the new software to the SE also supports instant fraud detection and allows immediate blocking of an application when necessary, the company adds. “Additionally, having the SE in the cloud increases computing power and storage in comparison to a physical SE. This provides more options regarding advanced on-device risk management, as well as the ability to support virtually any number of NFC services.”