Gemalto (Euronext NL0000400653), the world leader in digital security, was selected by KNET, Kuwait's national Shared Electronic Banking Service Company, and jointly owned by 11 Kuwait's banking institutions, to supply its Confirm Authentication Server. Gemalto's solution generates One-Time-Passwords for online authentication, enabling millions of safe eTransactions in the country via the KNET e-payment gateway and delivering a step change in fraud protection. The secure platform is highly customizable and it can support a wide range of authentication and signing methods. Starting with SMS OTP, it will ultimately enable banks to expand towards Gemalto Mobile Protector and Secure Messenger solutions.
KNET, benefits from an off-the-shelf solution to further enhance the security of the country's fast-growing online transactions and dramatic expansion of eCommerce. In 2016 alone, KNET processed more than 25 million online transactions, worth approximately $1.6 billion and representing an annual growth rate of 35%.
KNET ePayment gateway also serves the country's government entities, for the payment of fees and bills related to over 60 governmental electronic payment services. These include electricity, water, traffic penalties, Ministry of Finance subscriptions, Ministry of Communications' bills and other government services. Gemalto's authentication server now provides a robust platform for this on-going digital transformation, and secure it against the increasing threat posed by online fraud attacks.
"With eCommerce and eGovernment services booming in Kuwait, providers and end users alike needed stronger protection," said Abdulla Al-Ajmi, CEO for KNET. "Gemalto's solution is backed by unrivaled expertise, and offers the scalability and flexibility necessary to meet our present and future demands, while offering a secure and consistent user-experience across various types of online channels."
"The field proven* Gemalto Authentication server is an ideal match for KNET's layered security strategy, and creates a seamless path to move in a second phase to mobile-based dynamic password generation," said Eric Claudel, Senior Vice President Banking Solutions for the CISMEA region at Gemalto. "Kuwait is pioneering the transition to a digital economy and the solution establishes both a foundation and springboard for its next generation of online services."
* More than 100 financial services institutions use Gemalto Authentication servers, enabling over 100 million end users around the world to perform secure eTransactions.