Xign Add Smart Card Support to Assure Highest Level of Network Security for Business Transactions

Monday 12 January 2004 18:00 CET | News

Xign Payment Services Network (XPSN), now supports smart card usage with digital signatures and biometric authentication.

With a smart card solution, organizations using the XPSN can enhance the security of user authentication and expand access to the Xign network from any smart card-enabled computer. Digital certificates combined with digital signatures generated using a private key are commonly used to authenticate the originator of an electronic transaction, and ensure that the transaction is not changed on its way to the receiver. These security tools allow people and organizations to electronically certify such features as their identity, their ability to pay, or the authenticity of an electronic document. Smart cards introduce an additional level of security, storing the key and digital certificate on the card instead of a computer file. Biometric smart cards provide the ultimate in network security by also requiring a fingerprint match for signature generation. Today, a federal government agency is using biometric smart card authentication to approve payments to suppliers over the Xign network. The new biometric process enhances transaction security by requiring validation between the Xign Payment Services Network, the digital certificates, the smart card and card reader, and the user. The XPSN automates all the core functions of the accounts payable process, including invoice receipt, validation, routing, dispute management, approval, and payment. The XPSN eliminates paper and data entry, delivers immediate visibility into liabilities, provides vendor self-service, and allows precise control of cash disbursements. Xign studies of corporate finance organizations have shown that ePayables solutions save businesses millions of dollars a year from operational cost reductions of 50 percent or more and substantial increases in the number of early payment discounts captured.

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Keywords: ,
Categories: Payments & Commerce | Cards
Countries: World
This article is part of category

Payments & Commerce