Exploring the latest innovations in electronic payment technologies at Seamless Africa 2017
March 20, 2017 - Exploring the latest innovations in electronic payment technologies at Seamless Africa 2017
Banking and payment systems are becoming more complex all the time. They incorporate multiple technologies and increasingly diverse platform applications, driving the need to comply with an ever-growing number of technical standards and payment scheme requirements. Highly publicized breaches of consumer account data further serve to underscore the importance of data security and risk management, which are essential in order to protect both user privacy and brand reputation.
The greatest challenges in this arena are, firstly, balancing security with convenience and, secondly, reducing transaction costs without compromising security, convenience or efficiency.
With this in mind, UL made two presentations at the Seamless Africa conference, which took place at the Cape Town International Convention Centre on 14 and 15 March. Seamless Africa is the continent’s largest and longest-running conference dealing with card-based transactions and focuses on the converging worlds of e-commerce, retail and payments.
The first presentation, entitled The Future of Authentication, was made on 14th of March by Steven Jackets, Operations Manager for Middle East and Africa, from UL Transaction Security. Steven explored the best ways in which to create a seamless transaction experience for retail and online customers, and addressed the burning challenge of balancing convenience with security. He also outlined how the overall payment landscape is evolving and discussed what it takes to develop winning authentication strategies that will enable retailers to unlock new and expanded business models.
As we are all aware, the ability to authenticate customers and transactions is essential to the success of the business value chain, so the presentation focused on some of the latest developments in the field, including Facebook and Amazon authentication APIs, Samsung ventures in biometrics and trends in risk-based authentication.
The second presentation - on 15 March – was given by UL Transaction Security’s Sales Executive Africa, Cobus Nigrini, who addressed the tactical topic of how to reduce the costs of terminal EMV certification projects. He focussed on the Level 3 brand certification process, as well as on such technologies as NFC tags, eSE, UICC, mSD and smart wearables, all of which are set to take retailing into a whole new era.
Both presentations have demonstrated that UL is a single, expert resource for all banking and payment system stakeholders. As a company with many decades of experience in this field, we are able to provide not only expert testing and certification at all stages of a project, but also guidance, advice and training throughout its lifecycle. We are further able to provide certified tools and simulators to help clients test their systems on a scheduled basis in order to ensure that they comply with all regulatory requirements.
For more information on how you can simplify your EMV certification projects, please get in touch today! TransactionSecurity@ul.com.
The next Seamless event takes place in the Middle East. Visit UL at Stand U50 at Seamless Middle East - Dubai International Convention & Exhibition Center, Dubai on 1 - 2 May 2017.