Thales today announces that 11 of the 13 member banks involved in the first wave of the UKâs Faster Payments Scheme are implementing Thales Host Security Module (HSM) 8000 to secure their Faster Payments networks in the run-up to the November 2007 implementation launch. Already used for 70% of the world's card transactions, Thalesâs leading position within the HSM market has been reconfirmed by the UK banksâ decision to invest in Thalesâs hardware security product.
Thales HSM 8000 is a tamper-resistant device that provides the cryptographic facilities necessary for securing transactions in financial networks. Used to secure a multitude of financial applications around the world ranging from ATM and POS networks to inter-bank funds transfer and share dealing systems, it has now also emerged as the preferred choice for Faster Payments member banks in the UK.
Paul Meadowcroft, head of transaction security for the e-security activities of Thales, comments: âOur ongoing partnership with Immediate Payments, (Voca â LINK), combined with our market leadership, experience and expertise in this field, have enabled us to become the supplier of choice for banks needing to secure Faster Payments networks in the UK. As a result of our market leadership, Thales HSM sales have increased by 100% in the past year. We will continue to work closely with the current member banks, as well as those joining in the future, to ensure that the faster transaction processing times enabled by Faster Payments do not in any way compromise the levels of security provided.â
As the member banks use Thales HSM to securely set up their new Faster Payments networks, consideration must also be given as to how to strongly authenticate the users of online banking. As of November, the Faster Payments systems will enable a payment to be processed in a matter of seconds. As a result, the opportunity to stop a fraudulent payment is greatly reduced and adequate authentication of the transactions passing through the system becomes critical. Banks are currently working towards implementing authentication solutions that are capable of mitigating the increased risk associated with Faster Payments. Authentication solutions improve security by enabling banks to receive a payment instruction from a variety of different channels and strongly authenticate the person to prove they are who they say they are within the significantly reduced transaction processing time period.