SafeNet wins Compliance Project of the Year Award
New Delhi, India, December 13, 2013: SafeNet India, a subsidiary of SafeNet Inc., a global player in data protection, was recently awarded Compliance Project of the Year during the Global Conference on Financial Inclusion & Payment Systems (FIPS) in India for its contribution in securing the Cheque Truncation System (CTS) through a PKI-based solution.
The Cheque Truncation System, a project of the Reserve Bank of India, speeds up the collection of cheques, enhances customer service, reduces the scope for clearing related frauds, minimizes the cost of collection of cheques, reduces reconciliation problems, and eliminates logistics problems.
Although electronic banking has become more popular with consumers, cheques continue to be utilized as a common means of payment and deposit. Therefore, banks must focus on improving the efficiency of the Cheque Clearing Cycle. Cheque Truncation is a more secure system than the current exchange of physical documents where the cheque moves from one point to another. This system can create delays and cause customer inconvenience if the cheques are lost in transit or manipulated during the clearing cycle.
Business Head at SafeNet India Rana Gupta said, “SafeNet has provided a security solution using PKI as per the IT Act of India to make the Cheque Truncation System secure, interoperable and scalable. SafeNet’s solution helps CTS to securely establish smooth communication between banks and National Payments Corporation of India (NPCI). This security ensures the non-repudiation, integrity, confidentiality and strong authentication of the cheque images, since the cheque images are encrypted and unauthorized users can’t alter the image. The strength of security has been revised to higher levels time to time as per the guidelines of Controller of Certificate Authorities (CCA), Govt. of India.
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