Bank Islam Brunei Darussalam Chooses Rambus to Secure Mobile Payments
SUNNYVALE, Calif. & Brunei Darussalam – December 5, 2018 – . (NASDAQ: RMBS) a leader in digital security, semiconductor and IP products and services, today announced that (BIBD), the largest bank in Brunei, has selected the (TSP) as part of its mobile payment strategy to enable secure transactions to its customers.
As Asia has seen a proliferation of digital payment solutions in recent years, the need to secure digital transactions has become critical to a bank’s success. With the rise of solutions such as QR-based payments, NFC (near field communication), host card emulation (HCE) and real-time payments, consumer trust has become critical to success, with security and fraud prevention more important than ever to businesses and end-users alike.
Payment tokens help minimize fraud
The Rambus TSP solution helps secure the BIBD NEXGEN Mobile banking app, allowing customers to digitize their cards and send payments, without revealing any sensitive payment information. The Rambus software platform will replace cardholders’ details with unique reference numbers to minimize the risk of fraud and the severity of data breaches. Unique payment tokens are worthless if stolen.
Tokenization and host card emulation support secure payments within BIBD NEXTGEN Mobile app
By generating temporary personal account numbers (PANs), or payment tokens, the Rambus solution is a modular platform that combines tokenization with HCE to enable payment issuers and processors to securely perform a wide variety of roles in the payment process. Using HCE and tokenization, BIBD will enable their cardholders to securely pay using their mobile app.
“We’re delighted to be selected by the largest bank in Brunei to secure mobile payments for BIBD’s customers,” said Chakib Bouda, vice president and CTO, Rambus Payments. “This collaboration reinforces our leadership in mobile payment and tokenization technologies. It also marks significant progress in our efforts to expand into the Asian marketplace that is seeing a boom in digital payment solutions.”
“As the security of our customers is our highest priority, we are pleased to announce our collaboration with Rambus to enable our customers to pay safely and securely with their mobile devices,” said Dr. Gyorgy Ladics, COO, BIBD. “While digital payment methods grow exponentially in the marketplace, customers are becoming increasingly mobile-centric; therefore, it’s imperative to facilitate mobile transactions in a hassle-free and secure manner, providing the ultimate ease of mind for our customers.”
About Rambus Security
Rambus Security is dedicated to providing a secure foundation for a connected world. Our innovative solutions span areas including tamper resistance, network security, mobile payment, smart ticketing and trusted transaction services. Rambus foundational technologies protect nearly nine billion licensed products annually, providing secure access to data and creating an economy of digital trust between our customers and their customer base. Additional information is available at rambus.com/security.
Dedicated to making data faster and safer, Rambus creates innovative hardware, software and services that drive technology advancements from the data center to the mobile edge. Our architecture licenses, IP cores, chips, software, and services span memory and interfaces, security, and emerging technologies to positively impact the modern world. We collaborate with the industry, partnering with leading chip and system designers, foundries, and service providers. Integrated into tens of billions of devices and systems, our products and technologies power and secure diverse applications, including Big Data, Internet of Things (IoT) security, mobile payments, and smart ticketing. For more information, visit rambus.com.
BIBD is the largest financial institution in Brunei Darussalam, leading the market in terms of assets, financings, and deposits, with a vision to become globally recognised as the benchmark Islamic Finance Institution.
BIBD is headquartered in Bandar Seri Begawan with the largest network of 17 branches and 67 ATMs located strategically in all four districts of Brunei Darussalam.
BIBD was ranked 38th in terms of Soundness (Capital Asset Ratio) in the top 1,000 World Banks by “The Banker” in 2016. BIBD is one of the safest banks in the world and is given an impressive credit rating of A- by Standard & Poor’s in 2015, the highest for a Bruneian bank and among the highest in the region, which was reaffirmed in 2017. BIBD has been named the “Best Retail Bank in Brunei” by The Asian Banker six years in a row from 2013 to 2018.
For more information on any of BIBD’s other products or services, please log on to the BIBD website at https://www.bibd.com.bn, visit your nearest BIBD branch or get in touch with the BIBD Contact Centre at 2238181.