Deutsche Telekom Accounting said that it has extended its MultiCash solution with the addition of SWIFT 3SKey, the latest device for secure personal authentication and digital signature to be supported in Omikron’s MultiCash solutions.
The payments team at Deutsche Telekom Accounting’s international shared service centre (SSC) has successfully implemented the device in its MultiCash transfer payment factory and tested the solution with the corporate’s main bank in France, in conjunction with the French version of the electronic banking internet communication standard (EBICS).
The 3SKey device was launched by SWIFT as part of its SWIFT for Corporates initiative. One main advantage is that SWIFT’s special position in the international banking community allows it to act as certification authority for the underlying public key infrastructure (PKI).
Although this authentication solution is developed and marketed by SWIFT it is not linked to any one communication channel, enabling 3SKey to be used both with a SWIFT interface such as SWIFT Alliance Lite2 for submitting bulk payments via FileAct and with other channels for secure corporate-bank communication. This has proved popular with leading French banks, which promote 3SKey as part of the new French EBICS communication standard, when the ‘TS’ (digital signature) variant is used for signing transactions.
The global roll-out of 3SKey has also started, guaranteeing the support of the banking community worldwide. Alongside the French and German EBICS-variants, 3SKey can be used with modular curved frame technology (MCFT), which is supported by over 200 banks across the world. “This international approach is a major plus for the MultiCash products,” says Klaus Schuster, team head for international bank payments at Deutsche Telekom Accounting. “Because we are then able to use the keys stored on the SWIFT 3SKey token for other banks in Europe or beyond, as and when we need to.”
SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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