Quito Oct 6, 2011
RED SEGURA and GRGHK unveiled a multi-vendor solution to help financial institutions eliminate the use of magnetic cards.
Alberto Andrade and Felipe Andrade, Promoters of RED SEGURA and Michael Gericks, General Manager of GRGHK Mexico, demonstrated at a user conference event held at Club de Ejecutivos in Quito, Ecuador how NXP technology was integrated into different ATMs without any software change required.
RED SEGURA's kit converts any ATM into an NFC/RFID/QR ATM ready while maintaining support for legacy EMV and magnetic cards. GRGBanking ATMs will include this technology as standard.
Transactions are initiated by proximity of embedded PICC devices like cards, stickers, keyfobs and cell phones to an authorized RFID reader containing a Secure Access Module (SAM).
For the first time ever, a user is able to register his cell phone by reading a QR code shown at the ATM screen. Later, he is able to “magically” initiate a transaction by means of focusing a QR code shown at the idle-loop ATM screen with his cell phone.
This solution uses the most current and innovative cryptographic technologies such as key diversification, key sectorization, unique key per session, unique key per transaction, unique card per transaction and short-life cards.
Short-life cards are virtual cards that expire in less than 60 seconds or at transaction completion and can never be used again. Short-life card is a registered RED SEGURA concept used to reduce the area of attack for track 2 data from years to seconds.
Many IACR and NXP recommendations have been incorporated in the solution design and implementation, as well.
The product presentation was held after successful pilot run for over three months at Banco Nacional de Fomento and Coopera.
The project will include many other institutions and a massive POS installation to reduce the use of cash and the costs associated with the unnecessary use of credit and foreign branded cards.
RED SEGURA and GRGHK will start projects in Latin American countries early next 2012.
RED SEGURA is a multinational partnership that promotes and operates secure transactions processing. Multiservice S.A. is the founding company of RED SEGURA and Mr. Alberto Andrade is the President of Multiservice S.A.
GRGHK is the subsidiary of GRGBanking, China's largest ATM manufacturer with one of the world's largest ATM manufacturing plants.