OT, a leading global provider of embedded security software products, services and solutions, today announces that it has received certification from the Cartes Bancaires group (CB), a French Economic Interest Group (EIG) bringing together nearly 120 payment services establishments, for its dynamic security code payment card MOTION CODETM, a world first.
Functional and security tests applied to OT MOTION CODETM were deemed fully compliant with the requirements of CB group, thereby allowing it to receive CB certification.
As a world exclusive, in May 2015, OT had announced OT MOTION CODETM, the new standard in dynamic security code payment cards. This 3-digit code displayed on the back of the card near the signature panel is used to validate online payments. It now changes every hour automatically and randomly thanks to cutting edge technology making it possible to integrate an e-paper screen, an NFC antenna and a mini-battery inside the card. If the card data gets stolen, it becomes useless in the next hour.
OT thereby offers to banks and financial institutions an innovative and fully integrated ready-to-go solution including the card issuance (manufacturing and personalization) and the dynamic security code validation server.
Currently, more than 64.5 million bank cards are in circulation in France.
"More than 90% of online transactions are made using credit cards in France. The dynamic security code will strengthen the security of online transactions. This solution is compliant with all e-commerce sites across the world and provides a transparent customer experience. These are the keys to success. CB group congratulates OT for receiving CB certification, which attests to the conformity of the product with all functional and security requirements of the CB system", said Gilbert Arira, CEO of CB.
"OT is particularly pleased to have received CB certification for MOTION CODE™, thus enabling recognition of a solution that secures online transactions, by an entity recognized in the payment world. MOTION CODE™ is a revolutionary innovation that ensures maximum security for online payments, simplicity and speed-of-deployment while guaranteeing immediate adoption by users. OT is deploying this offer for universal adoption by all users in all markets ", said Eric Duforest, Managing Director of OT's Financial Services Institutions activity.