Voice of the Industry

How Convego(r) CloudPay has shaped the future of tokenization in payments

Monday 16 March 2020 06:43 CET | Editor: Anda Kania | Voice of the industry

Jukka Yliuntinen, Payment Expert at G+D Mobile Security, talks on how to offer digital payments that your customers will love, and how you can stay top of wallet

Several leading banks have launched Mobile Payment Wallets in their markets based on technology powered by G+D Mobile Security. Further to this,  not long ago, the OEM LG Pay launched their wallet in the US with G+D as a partner.

The digital landscape to address

The daily life of banking customers is becoming increasingly digital, given the growth of different channels to manage their banking needs. Services on offer include mobile wallets, digital payment facilities, online marketplace checkouts, and the emerging variety of IoT – ready devices now capable of enabling transactions for the consumers.

These ever-connected customer opportunities create new business models for banks to enhance their offerings, but they also come with a host of dangers brought on by the growing number of places in which customers can engage. The greater the risks, the more customers want to be reassured about how their data is being managed and how credentials are being provisioned.

Regardless of how consumers engage with their bank, their personal data needs to be handled with care, and their digital credentials must be securely generated, managed, and provisioned to their device of choice. This could be a mobile phone, a wearable, or simply a card. But it does not stop there. With the Internet of Things, the digital credentials tokenized by payment brands will increasingly be shared to all kinds of connected devices at home and outside of the home too, including vehicles.

Staying top of wallet in the digital revolution

G+D Mobile Security collaborates with leading commercial banks in Europe on this tokenization matter. Our clients have a formidable reputation championing the concept that banking should be convenient, customer friendly and accessible. Their portfolios consist of banking offerings that are easy to use, smart and personal. And when planning to launch their services, they turned to G+D because of our legacy in secure banking solutions and our unmatched reputation for innovation.

The G+D technology is utilized commercially by leading banks and bank groups in several European markets and countries. These currently include Germany, Austria, the Netherlands, Switzerland, Czech Republic, Hungary, and Romania. Convego Hub services are used for Mastercard, Visa, girocard and PSA digital payments benefiting over 1,400 issuers in Europe alone.

The main concerns the banks had was that they needed a solution that offered a user friendly experience with maximum security with brand tokenization, as well as with a robust compliance with existing and new data regulations.

What we can offer for this is an off-the-shelf solution with a single interface for a variety of technologies and payment brands. This combined with state-of-the-art mobile security certified and qualified by global payment brands and domestic debit brands alike. And of course, a best practice guidance by G+D’s experienced project teams – as we are pioneers in payments, we know how to implement customer projects in a smooth and simplistic mode by offering the right tools, the right processes, and the right collaborators.

Issuers who opt for G+D want to create a futureproof, extendable and complete solution using the latest technology with the most accessible and user-friendly customer experience for current and future use cases.

In most cases, G+D customers have led their markets with G+D digital solutions further strengthening their brand image.  This allowed our customers to stay top-of-wallet, to attract new customers and to facilitate higher security and cost-efficiency for payment at the point of sale (POS) and getting ready for secure remote payments and IoT payments as well.

The requirements for these solutions were extensive not only from a technical perspective, but also from a business perspective. The challenge allowed us to demonstrate G+D’s history of securing banks and technological innovation with the customer at heart. 

Having understood the customers’ needs early on, and after analyzing current business challenges within each country in relation to the ongoing digitalization of banking and upcoming changes in the digitalization of payments, we provided European issuers with a world-class solution through. With close cooperation between G+D and with Visa, Mastercard and local schemes, we designed a customized but standardized digital payment platform for our clients. We then integrated the payment scheme Token Service Providers as required for each case and market to allow access to their tokenization services.

 We have also foreseen the need for unique extension capabilities. These capabilities would include all relevant payment technologies including OEM Pays or X-Pays (e.g. ApplePay, SamsungPay, GooglePay), wearable wallets (e.g. Fitbit Pay, Garmin Pay, Swatch Pay) as well as forthcoming secure tokenized ecommerce, in-car payments and IoT.

We enable our customer to stay Top-of-wallet in the Digital Revolution! Or as one of our clients said, “With this solution we have taken maximum security and user-friendliness to a new level for mobile payments.”  Get more insights here: https://mobile-security.gi-de.com/futureofdigitalpayments

About Jukka Yliuntinen

Jukka Yliuntinen leads the Global Digital Solutions initiatives for Financial Institutions at Giesecke + Devrient. He is well versed in identifying and delivering high performing, innovative, and business generating payment solutions for the industry, leveraging on his over 20 years’ experience in payment and identity technologies. Jukka is also driving industry initiatives within the Mobey Forum, where he is co-chairing their ID mgmt. working group. And as an expert in his field, he is continuously contributing to papers as well as giving keynotes on numerous conferences world-wide on digital  payment and identification topics.


About G+D Mobile Security

G+D Mobile Security is a part of the G+D Group, with more than 11,000 employees worldwide. Our 5,300 experts in over 40 sales and partner offices all over the world are glad to advise and support you with years of experience and comprehensive solutions that allow you to meet the challenges of a connected financial industry and capitalise on its opportunities.

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Keywords: G+D Mobile Security, mobile wallet, IOT, tokenization
Categories: Fraud & Financial Crime
Countries: World
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Fraud & Financial Crime

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