UL’s New Services to Help European Banks Prepare for Cloud-Based Payments

Cloud-based mobile payments are set to invade Europe with the launch of new mobile payment technologies such as Apple Pay. This presents new opportunities and challenges to issuers as they race to keep abreast of the changing technology.

To help issuing banks gear up for cloud-based mobile payments, global independent safety science company UL has launched a new portfolio of services that will help make cloud-based payments implementation easier and faster.

One of UL’s new dedicated testing solutions and services is the Digital Enablement Test Tool. This fully integrated and automated solution facilitates process management and testing of the digitization of payment cards in accordance to the requirements and uses cases of MasterCard MDES, Visa VTS and Visa Europe VEPTS.

UL also has global test centers where banks can verify the interoperability of their payment products as opposed to a huge collection of acceptance devices that represent European contactless infrastructure.

The company has fully automated environments dedicated to the testing of enrollment and life cycle management systems to help facilitate process management and testing of digitization of new payment products.

Banks also get the needed technical expertise from UL’s experienced advisors who will guide them throughout the implementation project.

Berend van Geffen, executive director at UL’s Transaction Security Division, commented, “As cloud-based payments are coming to Europe, we see the payment industry changing rapidly. New payment models, standards and concepts create interoperability and security challenges. There is a growing need in the market for assistance in getting it right. A lot is at stake when a payment product does not work as it is supposed to. At UL, we offer value by providing peace of mind. These new services and tools are developed to prepare European issuers for cloud-based payments.”