Brunei’s largest bank Bank Islam Brunei Darussalam (BIBD) has selected Rambus Token Service Provider (TSP) to secure mobile payments of its customers.
In the recent years, digital and mobile payments including QR-based payment, NFC, host card emulation (HCE) and real-time payments have increased exponentially.
The selection of Rambus TSP is a part of bank’s strategy to secure all such digital transactions and prevent frauds.
BIBD COO Gyorgy Ladics said: “While digital payment methods grow exponentially in the marketplace, customers are becoming increasingly mobile-centric; therefore, it’s imperative to facilitate mobile transactions in a hassle-free and secure manner, providing the ultimate ease of mind for our customers.”
What Rambus TSP will provide?
The Rambus TSP solution will enable the BIBD NEXGEN Mobile banking app users digitise their cards and send payments.
The token technology replaces the cardholders’ details with unique reference numbers, a process that will minimises fraud risks.
To process a payment, the solution generates temporary personal account numbers (PANs). Subsequently, it combines payment tokens with host card emulation to enable payment issuers and processors to carry out various roles in the payment process.
Rambus Payments vice-president and CTO Chakib Bouda said: “This collaboration reinforces our leadership in mobile payment and tokenisation technologies.
“It also marks significant progress in our efforts to expand into the Asian marketplace that is seeing a boom in digital payment solutions.”