EMVCo approval is a milestone in Licel's mission to facilitate
secure mobile transactions.
LONDON, July 3, 2024
/PRNewswire/ -- Licel, a global leader in mobile channel
protection, has today announced that its virtual trusted execution
environment (vTEE) has been successfully evaluated and approved by
EMVCo under the SBMP TEE category. The Licel vTEE is
already facilitating the acceleration and innovation of mobile
wallet and SoftPOS solutions, and in the coming years it looks set
to make even more digital transactions and operations much more
simple, seamless, and secure. With the global mobile payment market
projected to grow from $3.84 trillion
in 2024 to $27.81 trillion by 2032,
this is a timely and necessary security advancement.
One of the most obvious benefits of the Licel vTEE is that its
rich cryptographic security mechanisms are tailor-made to comply
with the most stringent requirements found in PCI MPoC, EMVCo SBMP,
EMVCo TEE-based Mobile Payments, and Mastercard Cloud Payments
specifications. This makes the process of achieving compliance much
easier for innovators and disruptors in the mobile payments
space.
Licel CEO, Ivan Kinash, has
shared his pride in this achievement and what is means for
companies currently shaping global digital transaction trends:
"Our vTEE is the pinnacle of our work as a company over the last
13 years. It required a fusion of all of our technological wisdom
and expertise, so it's a wonderful feeling to receive this EMVCo
evaluation approval. A big part of our mission as a business is to
make life easier for developers creating game-changing technology
that streamlines our day-to-day lives. And that is definitely true
of the vTEE. It's a peace-of-mind enabler as much as anything - it
means developers can truly focus on innovation, safe in the
knowledge that their application is secure and that they are going
to save time and money on their compliance journey. I'm extremely
proud of our technical team and I'm thankful to our partners at
Applus+, whose expertise has helped make this possible."
This sentiment is shared by Jose
Ruiz, Cybersecurity BU Director of Applus+ Laboratories. "As
a lab, evaluating innovative solutions such as the Licel vTEE is a
challenge and makes us grow," he said. "Applus+ Laboratories is
committed to innovation and cybersecurity, so partnering with Licel
fits perfectly with our strategy."
The EMVCo SBMP TEE evaluation process* is thorough and
demanding, with stringent requirements driven by Global Platform
TEE standards. The Licel vTEE had to prove its ability to provide a
secure execution environment where trusted applications could
perform sensitive transactions while safeguarding against a range
of sophisticated threats. Its approval reinforces Licel's core
mobile channel protection offering, which includes
DexProtector (itself EMVCo SBMP approved for 4 consecutive
years) and Alice Threat Intelligence.
The Licel vTEE is well placed to enable and protect SoftPOS
solutions, mobile wallets, and mobile banking applications
contributing the huge growth in mobile payments. But in the years
to come, as digital transactions and operations become the norm
across industries, it can also be used in a range of settings, from
securing AR and VR activities to protecting digital IDs and AI
models.
*EMVCo issuance of a certificate for the Product shall mean
only that the Product has been evaluated in accordance and for
sufficient conformance with the EMV Security Guidelines for
TEE-based Mobile Payment as of the date of evaluation. EMVCo's
certificate is not in any way an endorsement or warranty regarding
the completeness of the security evaluation process or the
security, functionality, quality or performance of any particular
product or service. EMVCo does not warrant any products or services
provided by third parties, including, but not limited to, the
producer or provider of the Product and EMVCo approval does not
under any circumstances include or imply any product warranties
from EMVCo, including, without limitation, any implied warranties
of merchantability, fitness for purpose, or non-infringement, all
of which are expressly disclaimed by EMVCo. All rights and remedies
regarding products and services which have received EMVCo approval
shall be provided by the party providing such products or services,
and not by EMVCo and EMVCo accepts no liability whatsoever in
connection therewith.
About Licel
Licel is a pioneer in mobile channel protection solutions that
seek to stop mobile fraud around the world. Operating in 75
countries, Licel secures thousands of apps and SDKs on more than
500 million devices.
About Applus+
Applus+ is a global leader in the testing, inspection and
certification sector. Its IT laboratories specialize in providing
security and functional evaluations for IT products and secure
technologies.
For more information, please contact Licel's Head of
Communications, Tom Cross:
379912@email4pr.com
+44 20 3289 4888
View original content to download
multimedia:https://www.prnewswire.com/news-releases/licels-vtee-achieves-emvco-security-evaluation-certificate-302188002.html
SOURCE Licel