XMS Finance

Through the use of XMS technology NSS has created a number of solutions specifically tailored for banks and other financial institutions to implement safe, secure and trusted transactions for mobile banking (m-banking) or mobile commerce (m-commerce) initiatives.

Security management of wireless-based technology solutions, although similar to other electronic delivery channels, involves unique challenges created by the current state of wireless services and wireless devices.

Financial institutions in particular must comply with regulatory requirements and industry best practices in order to:

  • Ensure the security and confidentiality of customer information.
  • Protect against any anticipated threats or hazards to the security or integrity of such information.
  • Protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to any customer.

To complish these requirements all XMS financial products feature two-factor authentication, a pre-requisite for most financial transactions, through:

What you have: A registered handset with the XMS application.
What you know: M-PIN registered with the bank or credit card issuer.

Additional security features for our Banking Solutions also include:

  • Password-based user authentication
  • Application level encryption on the handset that ensures data both at rest as well as in transit remains confidential
  • Public/Private key based authentication mechanisms and digital signatures ensure message integrity

NSS currently offers two XMS financial solutions - please select the relevant links to learn more about them:

  • XMS Mobile Banking

XMS Mobile Banking creates a new secure channel for interaction between a bank and its customers. A Java based application installed on the phone uses digitally signed and encrypted messages for notifications, account access, funds transfers and mobile based payments.

  • XMS Mobile Anti Identity Theft Solution

The XMS Anti Identity Theft solution builds upon the XMS Mobile and XMS Mobile Banking solutions by allowing banks and credit card issuers to securely implement personal two-way authentication of credit card transactions with their customers in a real-time environment.

 

XMS Mobile Anti Identity Theft Solution

The XMS Mobile Anti Identity Theft Solution builds upon the XMS Mobile and XMS Mobile Banking solutions that allow banks and credit card issuers to securely implement personal two-way authentication of credit card transactions in a real-time environment.

Upon usage of a credit card (either online or offline) a secure automated XMS message containing a description, location, time, and amount will be immediately received by the registered phone number of the user from the XMS Server located at the bank or credit card issuer. If the user confirms the purchase, the payment will go through.

If it is denied then payment will not take place and a caution 'flag' will automatically be placed on the user's credit card and normal investigation procedures would commence, which can go a long way in preventing credit card fraud and mitigating online risks such as phishing or identity theft.

Benefits:

  • Real-time authentication: The XMS message is sent as soon as any credit card transaction is made. It therefore ties the user's credit card to his mobile phone for added security. Payment is halted until such confirmation is given, and halted if the user denies such a transaction.
  • Fraud prevention: Due to the need for the user to authenticate transactions, online phishing and real-world unauthorised transactions (skimming) are prevented at the point of sale.
  • Control and User confidence: Allows customers to play a more personal role of being in control of their credit card transactions.
  • Flexible and Ubiquitous: Can be used for both offline and online transactions anywhere in the world.
  • Cost effective: The cost of a normal SMS as opposed to IVR or Call centre agent calling every time a transaction is 'flagged'. Cost effectiveness in manual investigating and processing lower value transactions through process automation.
  • Interfaces with automated response systems and customer relationship databases.
  • Creation of an SMS audit trail for both the bank or credit card issuer and the customer.
  • Ability to couple the XMS Credit Card Solution with other products in the XMS suite to allow for secure peer-to-peer messaging or mobile banking.

 

XMS Mobile Banking

XMS technology is an easy-to-use mobile solution that rides over the widely available SMS based infrastructure. It uses the industry-standard AES encryption algorithm that ensures confidentiality.

XMS Mobile Banking creates a new secure channel for interaction between a bank and its customers. Digitally signed and encrypted messages are used for notifications, account access, funds transfers and mobile based payments. Like ATM operations, XMS Mobile Banking is based on two-factor authentication that meets bank security requirements. XMS Mobile Banking is a virtual ATM on mobile handsets.

Mobile Banking Services

Funds Transfers: Perform funds transfers within the same bank as well as third party banks that are within the existing inter bank settlement environment.

Payments: Pay utility bills, loans and credit card bills from mobile handsets.

Notification & Queries: Sign up for notification on account balance and event updates, access account and other services such as cheque book request, statement request etc. Services can be custom-designed.

How Does It Work?

XMS Banking Workflow

Benefits For Banks

  • Banks create a new revenue stream through Mobile Banking.
  • Banks save through reduced costs per user interaction as customers may perform transactions through automated and inexpensive SMS, instead of IVR or Call Centre Operations.
  • Higher security and trust in Mobile Banking will promote consumer confidence and take up of mobile banking services.
  • Besides creating a new point of interaction with the customer at a personal level, Mobile Banking Services lay a platform for banks to be ahead of the competition, presenting a unique branding opportunity.
  • XMS technology is also being integrated with PREPAID DEBT CARDS enabling money transfers between individuals, utility payments, account information access, etc.

Maximum Security And Assurance

  • XMS Mobile Banking provides two-factor authentication, a pre-requisite for most financial transactions, through:
  • What you have:Registered handset with XMS Mobile Banking application.
  • What you know:M-PIN registered with the Bank.
  • Other security features of XMS Mobile Banking include:
  • Password-based user authentication.
  • Application level encryption on the handset that ensures data both at rest as well as in transit remains confidential.
  • Public / Private key based authentication mechanisms and digital signatures ensure message integrity.
  • Uses Bank grade encryption standard.

User Benefits

  • Mobile Convenience
  • Users can transact and interact with the bank anytime, anywhere.
  • Ease Of Use
  • A user friendly interface with clear instructions which are easy to follow.
  • Peace Of Mind
  • XMS technology combines strong confidentiality and data integrity along with TWO FACTOR AUTHENTICATION to provide maximum security in mobile transactions.