Visa Collaborates with Israeli IXDen to Develop Solutions to Secure IoT Payments
- IXDen developed a technology to authenticate IoT devices and prevent payment fraud
- The solution has been tested through a proof of concept (PoC), as a result of a collaboration between CardinalCommerce, Visa Innovation Studio Tel-Aviv and IXDen
- The PoC validated the use of IXDen’s technology to verify device identity, combined with Visa authentication products.
Tel Aviv, Israel, March 7, 2019– Visa (NYSE: V) today announced that CardinalCommerce, a Visa company, and Israeli start-up IXDen completed a proof of concept (PoC) in IoT payments security.
The PoC included the use of IXDen solution that authenticates each device by its unique behaviour, as a security layer over the Visa 3-D Secure 2.0 messaging protocol.
The Internet of Things (IoT) is changing the way businesses and consumers, even whole cities will interact through connected devices. By the year 2020, the Internet of Things (IoT) will consist of more than 20.4 billion devices, including mobile phones, wearable technology, home appliances and cars. Each connected device has the potential to become a way to pay or to accept payments, and Visa is working towards solutions which will enable new payment with the highest level of security in mind.
Shahar Friedman, Head of the Visa Innovation Studio Tel Aviv, said: “The proof of concept has been validated through the joint work of CardinalCommerce, the Visa innovation studio in Tel-Aviv and IXDen. This PoC is the result of our engagement model in Tel-Aviv which gives Visa the ability to quickly identify and examine the technologies which have the potential to shape future payment experiences. Visa’s Innovation Studio is uniquely positioned to engage with Israel’s unparalleled fintech ecosystem as a gateway to thousands of Visa clients and retailers worldwide, who look for solutions to their challenges, or new ways to differentiate themselves in their competitive landscapes.”
Tim Sherwin, CEO of CardinalCommerce said: Cardinal solely focuses on authentication and continues to drive innovation to secure the Card Not Present channel. Both Visa and Cardinal are committed to equipping merchants, acquirers, and issuers with intelligent, data-driven tools to keep CNP fraud in check while minimizing consumer disruption at checkout. This PoC showcases innovation to a new channel of CNP with an IoT device. In the not too distant future, consumers will be ordering food via their smart refrigerator. We want to protect their purchases. We are proud to participate in this PoC to protect the growing digital commerce.
Zion Harel, CEO of IXDen said: We are happy to partner with Visa and CardinalCommerce to provide innovative solution for IoT device payments, including paying home appliances and connected cars. With the increased volume and sophistication in today’s cyber-attacks, security has become the IT enabler for enterprise customers. In order for next generation payment trends to gain mass adoption, they must be secure. By joining forces with Visa, we can ensure our mutual customers that our products work seamlessly, allowing them to be more mobile, nimble and collaborative.
This announcement was made at the 2019 OurCrowd Global Investor Summit in Jerusalem, the largest technology showcase in Israel with over 170 startups and 15,000 registered attendees.
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About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit (www.visaeurope.com), the Visa Vision blog (vision.visaeurope.com), and @VisaInEurope
This article contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, Visa’s future operations, prospects, developments, strategies, business growth. Forward-looking statements generally are identified by words such as “believes,” “estimates,” “expects,” “intends,” “may,” “projects,” “could,” “should,” “will,” “continue” and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict. We describe risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, any of these forward-looking statements in our filings with the SEC. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise.
CardinalCommerce is a global leader in authenticating digital transactions. We operate as a wholly-owned subsidiary of Visa and solely focus on delivering the best authentication experience in the world through the Cardinal Authentication Network, which allows merchants and issuers to reduce fraud and false declines, while providing a superior consumer experience.
IXDen was founded in 2017 by entrepreneurs that held senior positions in Amdocs, Microsoft and Fundtech. IXDen’s IoT software solution introduces patent pending, security technology to protect businesses and organizations from IoT information tampering. IXDen creates a dynamic ‘biometric’ identity for any IoT device and performs multifactor authentication driven by proprietary topological mathematical models, statistics, Artificial Intelligence and Machine Learning. IXDen is a Labs/02 portfolio company, a seed stage fund backed by OurCrowd, Motorola Solutions International, Reliance Industries and the Israeli Innovation Authority.